Monday, November 07, 2011

“Berlusconi may still be in office, but he has not been in power for some time,”

The above quote comes from a report by Bloomberg Businessweek, dated today and  in full was as follows:

“Berlusconi may still be in office, but he has not been in power for some time,” Nicholas Spiro, managing director at Spiro Sovereign Strategy in London, said in an e-mailed response to questions. “He no longer administers.”

That same situation is applicable at the head of every national government which is a part of the European Union, and has been so for some considerable time. It continues because Europeans have allowed it to become so, and as they have seen their democracies disappear they now seem willing to merely watch as their wealth and wellbeing go the same way.

Only the head of the Czheck Republic, President Vaclav Klaus, seems aware of all the very real dangers, read here.

Italian 10 year bond interest rates have just now hit 6.64%.

The pretence that the 27th October euro rescue package can work, or is even a comprehensive whole, must be abandoned!

(Later update at 0830 GMT  AE-P quote linked here: -
A report by Italian consultants REF Ricerche warns that Italy will remain trapped in recession through 2012 and 2013. The slump itself is causing fiscal slippage, not lack of budget rigour. “What is sapping the credibility of Italy’s public accounts over the medium term is lack of growth prospects,” it said.
Indeed, yet Angela Merkel and Nicolas Sarkozy continue to order Italy to undertake further fiscal belt-tightening into the accelerating downturn, even though it is one of the few countries in the OECD club with a primary budget surplus and even though its combined public and private debt is just 250pc of GDP – well below that of Holland, France, the UK, the US, or Japan. The EU policy dictates have become unhinged.)

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