Can anyone explain why there seems to be not a single beep regarding Italy? Is it because Belusconi controls everything including all media?
Despite having a falling economy (industrial production and exports down), the Government has just announced that 2010 and beyond will bring higher growth rates (+0.7% to +1.1%).
Neither the silence in the press, nor the Government’s growth predictions seem to make sense – or are they also doing deals behind closed doors with the ECB/IMF?
The principal reason why there is less concern over Italy’s debt is because the country is regarded as more capable of turning it’s economy around. This may or may not be true. It does have a fairly strong manufacturing base in the north and a solvent banking system. However I am sceptical. Massaging figures in Italy is a national sport.