According to Forexlive, Italian industrial orders in September (before things reached this new level of tension), fell 8.5 percent sequentially.
That's worse than the 6 percent sequential decline that analysts had expected, though even that would have been quite a tumble.
Business Insider: Deutsche Bank: If Merkel doesn't budge, our investment advice is to dig a hole in the ground and hide
It's pretty hard to imagine, at this point, that most of Europe isn't in recession.
Even Germany has seen a string of fairly ugly data over the past several weeks, pointing to a pretty rapid economic contraction.
Business Insider: BofA just lowered US growth estimates, and hiked the odds of a recession
Of course, this is exactly what these economies don't need while dealing with this sovereign debt stuff, as this kind of economic collapse ensures missed government revenue and deficit targets, starting the whole spiral over again.
Joe Weisenthal is the deputy editor of Business Insider and writes Money Game. Read his bio here.
Business Insider: Markets just spiked after more reports about the ECB and IMF doing something big
Business Insider: The truth about unemployment in America
Business Insider: Two charts that everyone must see on debt and deleveraging