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Wednesday, February 27, 2013

Italian election results...

A!, well! It seems that all that is worth said about the election results in Italy, has already been said.
Let's turn to the popolo who more than 50% voted for a clown and/or a comedian.
The Italian economy is ticking thanks to Draghi's whatever-it-takes-to-save-the-EURO pledge. Italy has a small primary surplus, just enough to cover interest payments on her debt at current interest on her ten year bonds. Without Draghi's bazooka on the table, markets would dump her bonds. Merkel and Co. of the core EZ say so and whoever doesn't like it might go their own way.
Now it seems that the Italian popolo does not like it and the clown and the comedian are about to bring the house down. It is all very democratic! The popolo spoke: "no more Teutonic austerity ... "
Angela, being a very democratic soul and having her own people in mind, is just about fed up and ready to make the big shift: "Right, let's dump the EURO and bring back our beloved DeutscheMark. And, hey! Weidmann, don't forget to collect the TARGET2 balances before we go".

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