Extend and pretend - Italian banks lending to those struggling to repay
Almost like a reverse Ponzi scheme, how long will Italy tolerate all the systemic issues that they and the EU are clinging on with their fingernails!?
Brexit cant happen quick enough when you think the EU is getting swamped with different issues in the different countries and the challenge is each country needs to do its won thing with all the moral hazard involved. If and when they dont they will say it was someone elses problem and the EU and Euro will take the hit. Too complex!
" But attitudes to the EU in Italy have changed profoundly — in response to the country’s long economic stagnation, the euro crisis and fears over illegal migration. It is hardly surprising that Italian voters are disillusioned with the status quo. Italy has lost at least 25 per cent of its industrial production since the financial crisis of 2008. Youth unemployment stands at almost 40 per cent. Unsurprisingly, many Italians associate the advent of the euro with a near-depression. And indeed some economists believe the euro has been disastrous for Italy’s competitiveness, taking away the tools of currency devaluation and creating a deflationary environment that increases the debt burden. "