While it may not be in the news, the general consensus among some of the world’s top financial analysts are sounding the alarm that the Eurozone is about to collapse.

The rate of Italy’s demise has especially caught the world’s financiers and bankers off guard. Chancellor of the Exchequer George Osborne of Great Britain stated yesterday that “Treasury had ‘stepped up’ contingency planning and aimed to be ready for ‘whatever the Eurozone throws at us.”

This is basically a way of saying that the top financial institutions are abandoning hope and thinking of ways to protect themselves from the impending financial storm that may be heading our way. Great Britain is a major member of the IMF, or the International Monetary Fund.

The IMF recently stated that it might be forced to offer Italy a $600 billion package in order to give the new prime minister a chance to put Italy back on track.

The only problem is that Italy has a debt in the trillions, and the IMF does not have enough capital to service that amount of debt. France and Germany also put forth tentative plans to force all European Union members to submit their budgets to a panel before the countries can implement them.

To me, this seems like a last ditch effort to exert control over the less prosperous EU nations in an attempt to stymie this debt crisis.

This type of proposal is not likely to pass easily or at all through member nations.

Essentially, Europe is looking at collapse, and if Italy and Greece go, they will drag down many other countries and international banks with them. A global recession bigger than the last one is possible.