Tuesday, November 08, 2011

Italy's economic turmoil

Here are my thoughts about Italy's economic turmoil. Is the Italian Prime Minister, Silvio Berlusconi, a simple cause of the Italian illness? He is a symptom of the a political system who does not offers alternatives to the right or the left. It happens in many other countries, but in Italy it is more blatant. He is obviously without conditions to lead a country in crisis, but Italian politics don't come up with other names.
The picture below is the cover of the economic British magazine "The Economist" and it was published three months ago.
Since January, 2011, French and German Banks, such as Deutsche Bank and BNP, haven't bought Italian bonds. Consequently, people's Bank of China has followed them. That's the domino effect!  This week the Italian Prime Minister said: "Italy does not feel the crisis" and he described the Italian bond sell-off as "a passing fashion ... the restaurants are full, the planes are fully booked and the hotel resorts are fully booked as well". But, while he was speaking the Italian bonds were (and are now) near the danger zone and Europe's stock markets decreased. Anyway, getting rid of Berlusconi is an essential (and first) step in getting the Italian economy back on track.
I'm boring you with Italian economic issues :) On the running front, I haven't plan to run any race this month, although my training is going well enough. The photo below was taken while I was  running  the Ostia's 30 km race, on October, 9th.
I hope my blogger friends will have beautiful running adventures!


Char said...

Actually your post was very topical for me after watching the news this morning. And funnily enough I was wondering what you and Stefano thought of the situation. And now I know. Berlusconi seems to be a politician only interested in furthering himself rather than improving the country he's been put in charge of. This seems to be quite common in politics these days.

Fran said...

You look handsome and very fit in the pic.

You're not boring me at all. I normally don't have that much interest for our economics but that's because everything went fine. But these past months with everything that is happening in Italy, Greece, Spain which influences the Dutch economy too, I'm more worried. I think Berlusconi should leave too and I think it will happen too eventually. But what's after that, I hope you get a good prime minister after that.

I don't understand some governments. There's a crisis in Europe that effects all European countries with the Euro. And what does my government do? They talk over 3 days if a boy of 18 that came from Angola and lived her for years should go back or could stay here. Come on, I'm sorry for the boy he has to leave but rules are rules and I think my government has more important things to discuss.

Amy said...

I also was interested to hear your view - we've been following this closely as well here in Belgium. I thought it was pretty offensive when he said that nothing was wrong in Italy because the restaurants were full - as if that is the only thing that counts! I think in many countries politicians have missed the boat and are too busy trying to get re-elected to really do their jobs. It is a shame.

Nice pic!

Breandán said...

Well done with your running Giorgio... as for your economic update - keep it coming! I think we're in for some very interesting times in Europe and the more we hear from real people like you the better!

Black Knight said...

Qui ci tassano pure la corsa!!!! 1 euro a km + un'imposta forfettaria a gara!!!!
(We are going to get the running tax: 1 euro/km + a flat rate for every race).
As i told you I cannot join the group on sunday because I need more rest after the night in Rome for the concert.
See you soon.