Friday, August 05, 2011

Olli the lifeguard - Berlusconi's vinegar and brown paper

A last moment Friday evening news conference from the Italian Prime Minister and his Finance Minister, was all the EU leadership could offer at the close of another disastrous day for the EU.

After EU Commissioner, Olli Rehn had appeared on Bloomberg TV in the late afternoon to proffer the advice that markets "stay calm and breathe deeply" (did he once train as a lifeguard one wonders?) the non-sticking-plaster promises of Silvio Berlusconi, to "work for a constitutional amendment requiring the government to balance its budget" and Tremonti's less than firm intention that  "Italy aims to balance its budget in 2013, a year before previously scheduled," hardly cuts much ice.

At least Olli has at last recognised somebody or something is drowning!

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