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Mario Monti's decision to step down in Italy tells us the debt crisis is getting worse again,...

Mario Monti's decision to step down in Italy tells us the debt crisis is getting worse again, writes Wolfgang Munchau, who calls the technocrat's year in office - and the effusive praise he received - a now-deflated bubble. Little has changed except the economy has fallen into a deep depression. Two fixes: Reverse austerity immediately and force the Germans into accepting some form of common debt.
Comments (6)
  • And force the Italians to send Silvio abroad...
    10 Dec 2012, 03:04 PM Reply Like
  • Does this come as any surprise?
    Does this mean that the lies will stop?
    Nah, it is true until it isn't. The worldwide MSM is a force unto itself.
    10 Dec 2012, 03:07 PM Reply Like
  • An alternative fix: cut government spending by 50% and cap it at that level until debt to GDP is less than 60%. It's the proven approach.
    10 Dec 2012, 03:08 PM Reply Like
  • bear
    So much easier to screw the people.
    10 Dec 2012, 03:10 PM Reply Like
  • Baloney.

     

    His resignation tells us that Monti's a pretty smart chess player, calling Berlusconi's bluff, who is running only because he's an egomaniac and because he enjoys prosecutorial immunity while in office. Monty's not "resigning;" he's just accelerating elections to his own benefit.

     

    P.S. After the typical early hysteria, note that Italy and Spain finished way off their lows, and FTSE, CAC and DAX all finished green.
    10 Dec 2012, 03:12 PM Reply Like
  • the EU will just resume destroying their currency at a faster pace than berdonkey. race to destroy the currency is the only solution they have for insurmountable debt. never mind that the youth are all unemployed and will eventually throw them all out.

     

    it will end badly but the fascists bankers in amerika & europe will destroy everything before they become dethroned.
    10 Dec 2012, 03:25 PM Reply Like
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