almost 3% of market s valleys. the standard & poor s index down more. nearly 4%. alison kosik live with the latest. what s driving this? reporter: we saw the sell-off pick up steam on wall street after a report a eurozone official said they have no plans to givotly a financial rescue package, financial assistance may not be in the cards for italy. the thinking, it will could be too big to bail out. the fact it s solvent but drowns in $2.5 trillion in debt. its economy more than twice as big as greece, portugal and ireland when you put them altogether. a bail xwout could cost clearly much more than it did for greece. the fear italy could default is playing out obviously in the equity market, in stocks and italy s bond markets. the ten-year yield spiked 7%. no one wants to touch italy s debt because it s a big question whether italy can even pay its bills. john? for someone watching here in the states you have a global domino effect going on. what will it take to stop the f