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"Free Towns From The Stupidity Pact"

|Includes: EPV, EU, EUFX, EUO, iShares MSCI Italy Capped ETF (EWI), ULE, UPV

Love them or hate them, you have to give kudos to Italian mayors for standing up and expressing their blunt opinions of the path of austerity undertaken by the national government. According to Reuters, roughly 1,000 Italian mayors (representing one-eighth of Italy's municipalities) marched on Milan, the financial capital of Italy, and "threatened to resign en masse in protest at austerity measures imposed by Mario Monti's government of technocrats." They gathered under the banner "Free towns from the Stupidity Pact," which alludes to the unpopular Stability Pact that limits local spending and in turn places financial strains on local communities. Led by Graziano Delrio, the mayors demanded a softening of cuts in local authority funding. What's interesting is that the march has united mayors from all parts of the political spectrum and included right-wings, leftists, and separatists. Notable cities represented in the march include Rome, Milan, and Turin.

It should also be noted that many secondary schools across Italy are closed this week because they have been occupied by students in protest against government cuts.

Monti's solutions for the country may ameliorate the country's financial situation, but they will only worsen the country itself.