MILAN — Fears of a growing European debt crisis spread to Italy and luxury stocks in dramatic fashion Monday, dragging the Milan Bourse down 4 percent even as officials stepped in to curtail short selling.

Until recently it was Greece — which has agreed to cut back on spending to secure a bailout from its neighbors — that was drawing most of the attention as Europe’s financial troubles mounted. On Monday, that anxiety spread to Italy, where Consob, the Italian market watchdog, intervened to rein in short selling, a trading strategy that allows investors to benefit when stock prices fall.

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