The economy shrinks, rising debt, income is down. Karen Millen Dresses
With Spain and Italy slipping deeper into crisis. In the financial markets, the pressure on the land. The Roman government put the blame on Germany.
Claudio Pesaro wanted to buy a home this year actually marry his girlfriend, have children. He is 35 years old and still lives at home. Although he has saved more than a third of the purchase price for the property, but no bank lends him the rest of job is also at risk, the company makes losses. So for now: no house, no marriage, no children.
Marco Michelli wanted to start their own small brewery with a beer parlor together. Beer is going well in Italy, especially among the young. But the municipal bureaucracy, covered him with conditions and fees, the bank withdrew the Karen Millen funding commitment. Project done.
Italian daily stories in four of the crisis.Karen Millen Dress The mood is bad. The number of people who take themselves for economic reasons, the life grows. The enthusiasm that had greeted by the € Italy has long vanished. Meanwhile,Karen Millen Dresses some 65 percent are more Euro-skeptical.
A new "black Monday"
The new "Black Monday" in the stock markets took the Italians therefore more like it left. They have hardly expected anything else. The economic tsunami wave comes back and hits Italy to Spain now. Courses of Italian shares plummeted. The yields at which buyers will find for the Roman government bonds jumped back over the six percent mark. Above all, hedge funds, stock market report professionals already invested large sums of money. You bet on the crisis, rising debt interest - and thus fueling the downward spiral.
On Wednesday of this week Italy is 6.5 billion, on Thursday, 4.5 and 9.5 billion euros on Friday even borrow from investors. Together so well 20 billion. Increase the required interest on such bonds only by one percentage point, about five to six percent, will cost the state an additional € 200 million. This is just as much money as Corrado Passera, the minister for economic development is lacking, to fund its expansion program announced for some time. The program therefore lies firmly still in the government's internal wrangling over its financing.
Next record debt: 2.000 billion Euro
Thus, new impulses are missing for the battered economy, "Bella Italia", the downward trend is continuing unabated:
■ Italy's industry produces nearly a month less, since early 2008, the entire production of "Made in Italy" shrunk by about a quarter;
■ The unemployment rate decreased in the last twelve months, from eight to ten per cent among the under-25s from 28 to 36 percent, while the report did not fall from the statistics, and many of the unemployed;
■ The gross domestic product - the sum of all economic benefits in the country - will increase this year from instead, recession rather than growth that is, the National Bank would be satisfied if the decline is not more than 1.5 percent of national income, consumption demand, the standard of living, almost everything falls;
■ The only thing that grows splendidly, is the mountain of debt, which this year will probably exceed the 2,000-billion mark, as long as the economy shrinks, the vicious circle of debt - produces almost automatically more new debt - to break hard.
Criticism of government Monti
All semi-tragic, stirs from the responsible minister for economic development, the bad economic data had been expected, exports actually run quite well, the banks are stable and the government spending plan to be developed. The situation is, therefore, so Corrado Passera, completely different than in the other crisis countries. Much better. Too bad that the markets do not want to recognize the subtle difference.
The Italians see their government is no longer with the enthusiasm of the early days. The brilliance of Mario Monti and his cabinet specialists faded slowly. Many Italians complain, Monti and Co. have a lot of talk of saving, but actually increased, especially taxes. High savings - for example in the wide network of unnecessary subsidies or luxuriant funded policy and management system - they have not so far. And the promised reforms of crusty Italian economy remained stuck in the initial stages.
Passeras glossing has for some criticism, scorn and ridicule thrown his compatriots, such as on the websites of the newspapers. "The day when we will have a serious politician," wrote one user, for example, under the pseudonym "ilfattorino" in the bourgeois-liberal "Corriere della Sera", "would be a great day". It sounded so similar in Berlusconi's last hours.
In their distress the Italian policy tries to shift the blame for their plight. On the earthquake in the north of the country, for example, then it has indeed caused great damage and considerable loss of production. But above all, and with increasing clarity, the Germans are identified as the culprit. In particular, the naturally hard-hearted Chancellor, Angela Merkel. For all that the highly indebted countries of the euro zone crisis demand and propose - if Euro-bonds, bank debt funded union or joint investment or growth programs - come from Berlin, a stubborn "No".
So it does not go further commented on this Tuesday, the financial newspaper "Il Sole 24 Ore" similar to the current political announcement. "You do not get very far if you continue ruling indifferent to the anger of the Greeks, the wounded pride of the Spaniard and the Italian and French fears," the commentator speaks directly to the incorrigible regent, as well as "a strong Germany" could be "between the debris of other countries will not survive. " And it is in German, "Quick, Mrs. Merkel."
Why not go fast, Prime Minister Mario Monti told the newspaper "La Repubblica". The quotes him anyway so that Angela Merkel for the upcoming 2013 election remains as hard. But it should have said Monti, Europe can not wait. "The time of hesitation" was over.