Italy says it doesn't need a bailout, now or later. All of which would be fine had such comments not marked the pre-bailout periods of the other euro countries such as Greece and Spain.
"Italy even in the future will not need aid from the European Financial Stability Fund," Prime Minister Mario Monti said on German radio today, according to reports.
While Italy could have been linked with the concept of an "undisciplined country" at one time, it's now "more disciplined" than many of its neighbours, he said.
http://www.theglobeandmail.com/report-on-business/top-business-stories/uh-oh-italy-swears-it-doesnt-need-a-bailout/article4253206/
And Italy could be right, given that they have a non-partisan governemnt of 'Technocrats'. It is a weird country, they have an incredibly boisterous and fragmented parliament most of the time, but every few decades they get so screwed up that they simply install a bunch of proficient technocrats who straighten out the whole mess until the next elected government comes along to milk the cow for a bit.
ReplyDeleteI hope you're right
ReplyDeleteSpain did not need a bailout either. Its banks did.
ReplyDeleteItaly has been running primary budgets surpluses for years. Indeed in the 1990s they were huge. No one has milked the cow for decades. Its banks are a different story. Its banks are in bad shape and Italy's debt to GDP ratio is such that it can not afford to bail out its banks.
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