Italian Woes - Eurozone Crisis

Guardian: Has an interesting article on the structural reforms required by Italy and how the 6.06% cost of Italian debt is “ the worst interest rate of any eurozone member (apart from Greece, Portugal and Ireland) ”. Italy as the article notes is in a pre Thatcher Era when it comes to Unions and the professional classes, there is no Iron Lady in Rome, the reforms required would make the demonstrations in Athens look like happy hour, a new Italian Government as noted by two Italian Academics in the article would have to take on the Unions, the Unions in EU are a lot more powerful than in the UK, Lady Thatcher broke the Unions in the 1980s, even the threat of a General Strike in November is not seen as a real threat in the UK. The entire social contract between the people and the state has to be changed in the 21 Century folks, the welfare state has to be ripped away and redraw to deal with the modern problems as mentioned so many times on this blog. The longer Italy has its head in the sand, the more damage will be done in the long term, one can only guess what the Emperor Augustus would have said of the present Italian State, one word he would have used is SHAME, well he would say that of the Italian State for most of this Century. A might Empire that has to be bailed out by China, how low can you go and still be called a State.