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As for listening to theIMF in regards to Italy's prospects throught this crisis, let's look at how accurate they have been since the crisis began, courtesy of "Lies, Damn Lies, and Sovereign Truths: Why the Euro is Destined to Collapse!":
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For those that don't subscribe, there is still a lot of nitty gritty that I made publicly available on Italy here: Once You Catch a Few EU Countries "Stretching the Truth", Why Should You Trust the Rest?
More on Euro stretching of the truth
If you haven't had your fill of innuendo, ambiguity, creativity and sleight of hand (my polite way of saying "lying"), you can peruse Smoking Swap Guns Are Beginning to Litter EuroLand, Sovereign Debt Buyer Beware!
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For paid viewers and subscribers, reference our Italian Macro and Public Finance Research, which throws a much more realistic and unbiased light on things.
Subscribers should also review as the truth about Greece rolls through the banking system: 
Italian Banking Macro-Fundamental Discussion Note
The Pan-European Sovereign Debt Crisis, to date (free to all):
- The Coming Pan-European Sovereign Debt Crisis - introduces the crisis and identified it as a pan-European problem, not a localized one.
- What Country is Next in the Coming Pan-European Sovereign Debt Crisis? - illustrates the potential for the domino effect
- The Pan-European Sovereign Debt Crisis: If I Were to Short Any Country, What Country Would That Be.. - attempts to illustrate the highly interdependent weaknesses in Europe's sovereign nations can effect even the perceived "stronger" nations.
- The Coming Pan-European Soverign Debt Crisis, Pt 4: The Spread to Western European Countries
- The Depression is Already Here for Some Members of Europe, and It Just Might Be Contagious!
- The Beginning of the Endgame is Coming???
- I Think It's Confirmed, Greece Will Be the First Domino to Fall
- Smoking Swap Guns Are Beginning to Litter EuroLand, Sovereign Debt Buyer Beware!
- Financial Contagion vs. Economic Contagion: Does the Market Underestimate the Effects of the Latter?
- "Greek Crisis Is Over, Region Safe", Prodi Says - I say Liar, Liar, Pants on Fire!
- Germany Finally Comes Out and Says, "We're Not Touching Greece" - Well, Sort of...
- The Greece and the Greek Banks Get the Word "First" Etched on the Side of Their Domino
- As I Warned Earlier, Latvian Government Collapses Exacerbating Financial Crisis
- Once You Catch a Few EU Countries "Stretching the Truth", Why Should You Trust the Rest?
- Lies, Damn Lies, and Sovereign Truths: Why the Euro is Destined to Collapse!
- Ovebanked, Underfunded, and Overly Optimistic: The New Face of Sovereign Europe
- Moody's Follows Suit Behind Our Analysis and Downgrades 4 Greek Banks
- The EU Has Rescued Greece From the Bond Vigilantes,,, April Fools!!!
- How BoomBustBlog Research Intersects with That of the IMF: Greece in the Spotlight
- Grecian News and its Relevance to My Analysis
- A Summary and Related Thoughts on the IMF's "Strategies for Fiscal Consolidation in the Post-Crisis
- Greek Soap Opera Update: Back to the Bailout That Was Never Needed?
