The Fiscal Compact is killing Italy


In Italy, the important things are decided by a handful of people tucked away in private rooms, without getting the citizens involved. With the government of Rigor Montis who was President of the Council, having been elected by nobody, on 19 July 2012 Italy received the death sentence, in the form of the what is known in Italian as the "Fiscal Compact". This is the usual idea of using English words to give intellectual weight to anyone pronouncing them and it means that people can’t understand what they are talking about. With the “Fiscal Compact" our (?) country has committed to getting the debt/GDP ratio to 60%, in line with the 1992 Maastricht Treaty. At that time, Italy which was going along with a debt/GDP ratio above 100%, was exempt like Belgium, even though it was known that the objective of 60% was not something that could be achieved. In 1992 Italy had to be in the EU and it had to convert to the euro. Now the EU can no longer make allowances and the reason is our public debt. In recent years, European nations accumulated up to 1,000 billion in Italian bonds, and that value is now going down as our banks have bought back enormous amounts from abroad via the LTRO mechanism, by which we lend money to the ECB that lends it to Italian banks to buy back our debt. Fantastic. Our rubbish is being brought back home using money from the State. By the end of 2013 the debt/GDP ratio reached 132.6%, the highest it had been since 1990. The ratio has an almost exponential rise. In 2012, it was 127%. Our public debt is going up by an extra 100-120 billion a year and it is now above 2,100 billion. The GDP has gone down by 9 percentage points since 2008. The debt is rising vertically. The GDP is going down and there’s a constant increase in the interest to be paid on the debt. In this situation, the Fiscal Compact that would cut public spending by 40 to 50 billion a year for twenty years (in the absence of strong growth which is completely impossible), is unrealistic. It would deliver Italy into poverty with cuts that cannot even be imagined; cuts to social security provision, to education, to health and it would kill off any possibility of an upturn in the economy. The Fiscal Compact was signed by signor Rigor Montis and it was ratified by the parliament of broad agreements that supported him. Let Berlusconi, the PDexminusL, Napolitano, and Monti pay for the Fiscal Compact if they want. The M5S will get rid of it.

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Posted by Beppe Grillo at 06:11 PM in | Comments (2) | Comments in Italian (translated) Post a comment | Sign up | Send to a friend | | GrilloNews | listen_it_it.gifListen |
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Rosie, What has Boldrini got to do with this fiscal compact waffle posted here? Would you like to do her job... think you could do it better?
How bitter and twisted you seem - what happened?

Posted by: John Waddington | March 11, 2014 08:38 PM
Boldrini is a shameless self-promoter and an opportunist. All she cares about is herself. She is now obsessed with 'sexism' and sees it literally everywhere. The confrontational approach chosen by Boldrini is as detestable as her holier-than-thou attitude, not to mention the sanctimonious political persona she is so keen to advertise. She is a monument to mediocrity, an arrogant know-it-all completely self-absorbed. Every time she speaks she does a disservice to women's causes. Obviously, she could not care less. In fact, Boldrini is far too busy neglecting her 'job' in parliament in favour of a higher mission: the unashamed self-promotion as the 'nouvelle' Joan of Arc, minus the visions, of course (though she might still be hearing the voices).

Posted by: Rosie Trenta | March 10, 2014 12:39 PM

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