Trust Berlusconi to put it into a nutshell. His words come from a police transcript of a very recent conversation he held with an Italian newspaper editor. Italy has apparently let both Mr Berlusconi and the international bankers down.
The European Commission has 'expressed concern' about Italy's latest austerity budget. (FT 4 Sept.) The price of Italian bonds have been rising again for ten straight days. Nobody wants Italian government debt. And the EU - read Germany and to a lesser extent France - are having to buy it.
Meanwhile the Italian political leadership is having greater and greater difficulty in convincing its population to make more drastic cuts. Italy's largest Trade Union Federation will strike against the government's programme next week.
"The leadership of the country does not have credibility" announced US Economist Nouriel Roubini at a conference in Northern Italy.
Meanwhile in Greece the IMF, the EU and the European Central banks withdrew from talks, expressing their distrust and dissatisfaction with Greece's second austerity package.
The recession this year will reduce the living standards of Greeks by 9%. But the IMF/EU/ECB want, among other things, for all public sector workers to receive only 60 - 70% of their salaries this year. The Greek government can't/won't play ball. Students and unions are on the march again.
Meanwhile in a little glimpse of light for the bankers Spanish MPs have adopted their 'pay the bankers' constitutional amendment (see 'Leadership, what it is and what it isn't', previous blog.) 316 votes to 5 won the day for the international banker's security and protection. The price? Insecurity, poverty and recession are now part of the Spanish constitution!
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