Italy's financial crisis could cause a global economic downturn if it's mismanaged. Prime Minister Silvio Berlusconi's promise of resignation doesn't change the fact that the country has massive debts and little hope of raising the money.

According to recent data from the World Gold Council, Italy only has about one-tenth of the amount of gold it needs to pay off its debt. Though Italy needs $1.4 trillion to cover its bailout, according to Gary Jenkins, a fixed-income analyst at Evolution Securities, it only has about $141 billion.

Italy has the third highest gold-holdings in the world, behind Germany and the United States. The U.S. holds 8,133.5 tons of gold, Germany holds 3,401 tons and the Italian Central Bank holds 2,451.8 tons. A ton is equal to 32,150.75 Troy ounces, and the gold price is equal to $1,764 per Troy ounce, which makes 1 ton of gold worth $57.6 million.

Germany, the current economic powerhouse in Europe, will likely be responsible for most of the bailout costs, but many analysts agree that the bailout is too large to cover, according to Reuters.

"The current situation in Europe is certainly unpleasant enough to produce a change for the better," German Chancellor Angela Merkel explained in a press conference earlier this week. "The debt crisis is not only unpleasant but also it’s a moment of decision, a turning point, a moment of change and so it’s the chance to follow a different path."

By 2013, the cost of repaying Italy's debt is estimated to hit $677 billion, as the country's total debt is currently about $1.9 trillion, according to The Telegraph.