WELL, YES: Forget France, Italy Could Be Markets’ Big Risk.

Italian bonds also came under pressure and continued to weaken on Wednesday, even as French debt steadied. Those moves came as investors looked beyond France’s election to the problems of Italy, the third-largest economy in the eurozone.

Investors say those problems form a worrying list: weak growth, banks with bad loans, and sky-high public debt. Italian bonds have been supported by the European Central Bank’s bond buying program, but many analysts expect that will be scaled back next year.

Indeed, many investors believe that should Ms. Le Pen win, Italian markets could be the biggest casualty.

“If Le Pen gets in, I think Italian spreads would balloon in anticipation of a breakup of the euro,” said Paul Griffiths, chief investment officer of fixed income and multiasset at First State Investments . Mr. Griffiths is avoiding Italian banks and keeping a light exposure to Europe as a whole.

Italy got into so much trouble because adopting the euro gave Italians the opportunity to borrow against Germany’s credit rating.

This is just one of the many reasons the euro was doomed from the start.