The disaster about to befall Italy (indeed the country may have passed the point of no return) has been foreseen. Sadly, the IMF, EU, G20 have failed to agree any actions to pre-empt the crisis. The political leadership in Europe is in disarray, rent with confusion, competing priorities, dither and indecision. The EU likewise.
Italy is but the latest episode in the saga of the uselessness of the eurozone as constituted, in terms of membership and organisational and political structures.
http://www.telegraph.co.uk/finance/financialcrisis/8878656/Italys-borrowing-costs-surge-above-7pc.html
http://www.bbc.co.uk/news/business-15652708
http://www.telegraph.co.uk/finance/financialcrisis/8877818/ECB-stymied-on-debt-crisis-without-fiscal-union.html
http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100013198/america-and-china-must-crush-germany-into-submission/ An excellent article, as is the following:
http://blogs.telegraph.co.uk/news/janetdaley/100116418/italys-economic-problem-becomes-insoluble/
http://blogs.telegraph.co.uk/news/danielknowles/100116434/italys-bond-spike-the-austerity-death-spiral-has-begun/
http://www.spiegel.de/international/europe/0,1518,796757,00.html Berlusconi
http://www.spiegel.de/fotostrecke/fotostrecke-74913.html
http://www.bbc.co.uk/news/business-15592197 Excellent article by Peston on bonds.
http://www.telegraph.co.uk/finance/financialcrisis/8879466/If-the-eurozone-implodes-Britain-will-go-with-it.html A 'must read'.
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