ECB: 'Key Player' for Italy?

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"Italy's problems are out of their hands and it's really the lack of credibility of the measures of the EU that were announced at the summit a week or so back that's at the heart of the problem," Peter Westaway, chief economist for Europe at Nomura told CNBC. "The key player here may actually be the European Central Bank. The ECB may need to come in and start buying bonds," he added.

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