Italy's benchmark stock index dropped to the lowest in almost five months and the bonds also tumbled on fears that Italy would be the next victim of the Europe's debt crisis, the thing that caused the financial-market regulator in Italy, known as Consob, to order short sellers to disclose their positions when they reach 0.2% or more of a company's capital and then make additional filings for each additional 0.1%, starting from today July 11, and lasts until September 9.

The emergency meeting was held yesterday after the country's benchmark FTSE MIB index (FTSEMIB) on July 8 dropped by 3.5%, following a decline in UniCredit SpA (UCG) and other bank shares which are among the largest holders of the country's debt. Also the yield on Italy's 10 year bond rose to the highes in nine years of 5.27%.

UniCredit, the country's largest bank, dropped by 7.9% and the second biggest lender, Banca Intesa SpA, also dropped by 4.6%.