August 22, 2011

Top Italian government leader declares country bankrupt

Mr. Bossi
In the last few hours there has been a series of declarations from Italian political leaders that are appalling!
The first was the leader of the Northern League, Umberto Bossi who is also the number two after Berlusconi in the current government coalition saying clearly that he knows Italy is gone and that he wants the Northern regions to become independent from the rest of the country. Today he reiterated that Italy will not survive, it is bankrupt and that the only solution he sees is to split the country so that the North can keep his money and not contributing to the rest of the country any more (hope they keep their debts as well which amount to the majority of the Italian debt).
For those who are not acquainted with Mr. Bossi, he is the leader of a racist party who obtained in the last national election 8% of the national votes with peaks of 20+ % in 2 northern regions, Mr. Bossi has always been famous for his colourful language, he is used to give the bird at every major event when talking of Italy or immigrants, his party has been advocating for throwing immigrants to the sea, shooting them before approaching the Italian coasts, reserving to immigrants special train wagons and buses so they do not mix with Italians since according to them they stink and are criminals.
His party is also strongly anti-rest of Italy and he has been advocating for years first the independence of the north from the rest of Italy, then at later stage a loose federal government and today he is back with his independence leitmotiv.
Berlusconi on the other side today declared the following after the reaction of the Italian President Napolitano asking serious and decisive action to the government in particular to fight the tax evasion and fraud epidemic: "I have done what I had to do, it is not my concern any-more now it is Parliament's business to decide" washing his hands of any responsibility and adding clearly the what he did was ordered to him from France and Germany, should anyone had a doubt that Italy was still a sovereign country.
Aside from any other consideration, declarations as such would be proof enough in any serious country that those persons are unfit to rule a country and would have been forced to resign.
The image international investors will get from this is that Italy is completely without leadership and ruled by madmen, which is true unfortunately.
Confidence in the country is fading fast and we are seeing a total disconnection from reality when it comes to Italian politicians.
While any other government enforce careful media declarations during a crisis, the two Italian top politicians are talking and shouting as if they were in a hill billy low-life bar talking of cars and chicks while burping and playing beer pong.
This is the image the Italian government is broadcasting internally and to the world
There has been of course no comment on any Italian newspaper in regards to those declarations, 90% of the media is controlled by Berlusconi but aside from this what is clear is that Italians are apathetic to this kind of language, what is appalling when seen from abroad is normal in Italy.
Proper language in the political life has never been a requirement..
Although this time, every single comment from the government is important, international markets have eyes and ears on Italy, they may not understand Italian antics, they may not be used to Berlusconi or Bossi saying one thing and after 24 hours do U-turn on their previous comments, but they are used to make conclusions on investments based on media declarations and political comments and the conclusion they are reaching right now is to run away from Italy and its foolish leaders.
Next week the current budget proposals could not be enough to stop the haemorrhage and thanks to this confident messages from our government we can count on increased pain to reach Italian people very soon. Never as before it is true that silence is gold, maybe it is time for the Italian political class to silence themselves for the greater good of the economy and our brains.




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