Europe backs Monti reforms as Italy crisis hits markets

Comments (13)
Abulafiah wrote:

This illustrates the real ‘crisis’ in Europe. It is not debt – debt even now is relatively low – but the cost of borrowing. If the ECB would stop being a bunch of political jerks and step in to lend EU countries money at reasonable rates, in the same way that national banks do, it would solve a lot of this ‘crisis’.

The other issue is the foolishness of spending cuts, which everyone can see have only made a bad situation worse.

Dec 10, 2012 4:03am EST  --  Report as abuse
skeeteril wrote:

Abulafiah, it is obvious to me that you own a printing press company, and the dyes that are used for all the currecnies. At least some businesses are still thriving. Oh, and are your employees unionized?

Dec 10, 2012 9:08am EST  --  Report as abuse
Doc62 wrote:

“Berlusconi’s strategy appears designed to ensure he retains influence in the next parliament with a substantial voting bloc that, among other things, can protect his business and personal interests.”

Hmm, he sounds like one of Romney’s buddies. No wonder Italy is flowing down the USA’s “good ole boy’s” river.
Financial & sexual scandals sound familiar too and BIPARTISAN as well. The only positive sign in Washington?
Heidi Fleisher for president in 2008! “A chicken in every pot and a Ho in every garage”

Dec 10, 2012 11:01am EST  --  Report as abuse
hariknaidu wrote:

Monti is a life-time Senator and therefore doesn’t need to contest any election – he’s already a Senaator!

It’s possible Monti will replace current President Napolitano should Bersani win and Berlusconi defeated in the general elections.

Dec 10, 2012 12:59pm EST  --  Report as abuse
scythe wrote:

(quote) are your employees unionized?

@ skeeteril – touché!

Dec 10, 2012 1:18pm EST  --  Report as abuse

These Italians! Where is Joe Piscapo, now that we need him?

Hey! He’s around. I’ll go get him. Whatta you gonna give me?

Dec 10, 2012 3:23pm EST  --  Report as abuse
ofilha wrote:

The pimp is back.

Dec 10, 2012 3:40pm EST  --  Report as abuse
ofilha wrote:

Italy is a banana republic.

Dec 10, 2012 3:46pm EST  --  Report as abuse
r.u.crazy wrote:

Europe has failed and yes, debt is the problem. The cost of borrowing is high because the debt has become unmanageable and has increased risk to lenders. Sorry Abulafiah, everything you said is wrong. Austerity, which you said are spending cuts, are a foregone conclusion and the result of over-spending. It’s not a choice, it’s basic economics that one cannot spend what they don’t have. You call it the “foolishness of spending cuts” and I call it the insanity of spending without equal amounts of earned income (man hours of actually producing a product, service, etc). Borrowing IS NOT earned income. Europe will fall like dominoes.

Dec 10, 2012 5:44pm EST  --  Report as abuse
Renox wrote:

Who is “Europe”? Did all the 600 million people back this plan?
or just the corrupt politicians whos interest dictates the further exploitation of people and resources?

Dec 10, 2012 5:55pm EST  --  Report as abuse
r.u.crazy wrote:

To Renox;
Right on! Unfortunately, same problem in the U.S. The good news is that we can hunt them down. New “Survivor” series; “Rednecks vs. Politicians”. My money is on the rednecks.

Dec 10, 2012 6:47pm EST  --  Report as abuse
DeSwiss wrote:

”The arrogance of officialdom should be tempered and controlled, and assistance to foreign hands should be curtailed, lest Rome fall.”

~Taylor Caldwell

Dec 11, 2012 1:07am EST  --  Report as abuse
Abulafiah wrote:

r.u.crazy wrote:
“The cost of borrowing is high because the debt has become unmanageable and has increased risk to lenders”

Because Fox told you so?

In 2008, debt level in the the EU was at a historic low *because EU regulations don’t allow it to exceed 60% of GDP*. Explain to us all how a debt level of 60% of GDP is ‘unmanageable’. Over in the USA, you Republicans were running a higher debt levels than the EU.

Spain, in 2008 had a debt level of only 40% of GDP – how is that ‘unmanageable’? Right now, Spanish debt as % of GDP is still lower than France, the UK, or Germany.

In fact, right now, Spain has less debt than the USA, yet Spain is in crisis and neither the USA nor the UK is. I say it is because the USA and the UK have sovereign banks they can borrow from at a fraction of a percent interest rate, and Spain has to borrow from commercial banks (mostly German…) at 7% interest.

You say I am wrong, so lets hear your explanation why out of USA, UK, and Spain, the country with the least debt is the one with the crisis.

r.u.crazy wrote:
“You call it the “foolishness of spending cuts”

Have you really, truly, not noticed how spending cuts in Europe have failed? When something has failed consistently for four years, yes – it is really stupid to keep saying it is the answer. You are pushing a faith-based argument.

Dec 11, 2012 5:17am EST  --  Report as abuse
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