The IMF is out with their Fiscal Monitor today. Great stats. Here is a comparison of the fiscal health of the world's economies.
Contrast Norway and Saudi (both oil exporters) with, say, the U.S. and Japan. Italy doesn't look so bad when compared to other nations, no?
The upshot? This is IMF's analysis,
Short- and medium-term fiscal indicators. These continue to show a high degree of risk.