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.