Tuesday, October 25, 2011

Italy in the Spotlight - Eurozone Crisis

Guardian Live: Reports that EU is waiting for an economic plan from the Italian Government that will have cuts and get Italy moving on the economic front. The EU will be waiting forever folks if they think that PM Silvio Berlusconi is going to do anything that is a threat to his base of power, the Italian Government is a Coalition Government, as with the Lib Dems in the UK the power of movement by Berlusconi is limited, as the article notes his allies have vetoed reforming the retirement age in Italy, also lets be honest here folks, the Italian State is owned by the European Central Bank, if the ECB says jump the Italians have to say how hi Sir, the dressing down of Italy by Germany and France has shown how weak the Berlusconi Government is on the political and economic front, if Italy goes under then you can forget the Euro, the major aim will be keeping the EU going, its that serious folks. In other words EU cant not push Italy to far, what if they decide to default for their own well being, that would be disaster in the short term for Rome but a end event for the EU. Thus Greece might be a sideshow folks, it could be that Rome is the new crisis centre, there are limits to how much the German taxpayer is willing to fork out folks, could Italy destroy the EU?.

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