EU Finance ministers alerted of possible Italy's insolvency

According to a secret report acquired by the Guardian newspaper, in yesterday's summit, European leaders have been warned that Italy is exposed to insolvency. Report from ECB and EC said Mario Monti, Italian PM, should take more serious steps to contract nation's affliction such as tackling tax dodging. The report suggested the liquidity crisis may develop into solvency trouble whose consequences may be very harmful to other European economies.