Posted on 09/16/2014 7:59:11 PM PDT by Lorianne
The OECD has drastically cut its growth forecast for Italy. The depression will drag on though most of 2015.
The economy will contract by 0.4pc this year. It will remain stuck in the doldrums next year with growth of just 0.1pc.
If so, Italy’s public debt will spiral to dangerous levels next year, ever further beyond the point of no return for a country without its own sovereign currency and central bank.
“This is catastrophic for the finances of the country. We’re heading for a debt ratio of 145pc next year,” said Antonio Guglielmi, global strategist for Mediobanca.
“Who knows the maximum number that the market will tolerate? The number is already scary, but for the time being Draghi’s poker game is proving successful, and there is now the smell of QE keep the game going for a bit longer.”
“It is going to take a nuclear bomb to turn this around. If Draghi ends up doing almost nothing – and there is a lot of scepticism about the ECB's plans – Italy is dead,” he said.
(Excerpt) Read more at blogs.telegraph.co.uk ...
Islamic State metastasizing and Europe is on the brink of TOTAL COLLAPSE. Britain may disintegrate hours from now, and what’s the bet economic shockwaves from that cause knock-on effects?
Obama will leave office with the entire world crumbling. Do not be surprised if Putin and China become a little more emboldened.
Italy’s economy needs a re-”boot”.
Why the hell haven’t they left the Euro already? Are they really this stubborn?
Yet, odds are the Euro stocks will be higher tonight. Over in Hong Kong, +333. Nuts.
Look at our own stock market. These things explode with the delusions of banksters right before the end. A lot of people better say goodbye to their pensions.
The ‘European Debt Crisis’ seems like eons ago. I forgot about it actually.
Looks like disaster’s right around the corner. Yikes!
Isn’t there a website you can go to advertise for donations ?
I think it was used by Officer Wilson’s supporters.
Maybe Italy should try that.
“Why the hell haven’t they left the Euro already? Are they really this stubborn?”
Very good question. This could lead to a split up of Italy.
I don’t think you can just leave.
Not sure what would happen if one day a EU country just started printing its own currency again and turned its back on the euro .... I thought Greece might try that but they didn’t. I just don’t know what would happen.
The last Italian prime minister to go against the EU and the IMF was removed and replaced without an election.
Don’t let Putin’s saber rattling confuse you, Russia is an economic mess as well. China, pllaying the big dog, also as lots and lots of problems.
It is a little scary all the way around. Any likely hood that they all ask for a collective do over? Like tossing the board in Monopoly and starting a new game.
A question I often pose in AEP threads: What was the last time one of his doom-and-gloom prophecies actually came true?
Not sure what would happen if one day a EU country just started printing its own currency again and turned its back on the euro ....
*******************************
They would receive a sternly worded letter from a very p.o’d group in Brussels ,, but if they repudiated all euro denominated debt and cut their own spending by perhaps 10% they would be rock stars to the rest of the world.
I learned of the 2007 meltdown, before it happened, from him. Incidentally, he wrote an amazing expose of Bill Clinton about Clinton’s actions while governor of Arkansas.
Have you ever read an article by him that had a positive note to it?
Most of what I have read from him consists of warnings. When your topic is on something that is dishonest and out of kilter, and involves life and death, you are not rendering a service by trying to find a sunny side. It’s like Mark Levin writing positive things about the Obama administration. It is not going to happen.
Yes, that is very likely. It’s just that over the years - AEP used to be posted much more often here (but perhaps he doesn’t publish so much anymore) - I’ve read nothing but a succession of doom prophecies by him, none of which have come true (to my limited observations). So I joke a bit about him.
PS: I know an English blogger who, though often in agreement with AEP still calls him Armageddon Evans-Pritchard.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.