John Ward – Financial, Fiscal And Fanactical Fantasies : Today’s Haul Is A Biggie – 27 February 2013

Stand by as Italy bids to take over from Greece as Bad Boy to be Bullied by Berlin. I was particularly taken with Spiegel’s observation that the German media dismissed Italy’s ‘childlike refusal to acknowledge reality’….this from the main driver of a fiscal union based on universal faillite. Yesterday two German Ministers talked of “organising a eurozone without Italy if necessary”, and today Spiegel itself added that ‘The Italian election, in which more than half of voters backed two comedians in the form of Silvio Berlusconi and Beppe Grillo, shows Italians are unable or unwilling to grasp the depth of their economic plight, argue German media commentators. The ungovernable nation poses a major risk to the euro zone….’