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JAPAN NEWS AND DISCUSSION

Monti warns Italians face sacrifices, markets must wait

World Nov. 15, 2011 - 07:00AM JST ( 9 )

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Mario Monti famously won cases against US giants Microsoft and General Electric as an EU trust-busting bureaucrat

Silvio Berlusconi's supporters wave Italian flags in front of his residence

Italian stocks jumped more than 2.0 percent at the start of trading

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9 Comments

-2

WilliBNov. 15, 2011 - 10:48AM JST

It is painful to see these Eurocrat politicians desperately refusing to address the only solution: the exit from the Euro, which caused all this.

It is a safe prediction that Monti will push for the only way to extend the life of the Euro construct, namely unlimited monetization. Which would drag even the strong countries down into the mediterranean drain.
-1

gelendestrasseNov. 15, 2011 - 11:02AM JST

The euro would have worked if there was a stronger central government and one central bank - the Bundesbank. But the markets don't want to wait for the politicians to solve the problem that the markets helped create. Just like the mortgage bankers in the US, they want to cause enough of a fuss for the government(s) to bail them out. I hope Merkel and Sarkozy have enough backbone to stare them down.
-1

ExportExpertNov. 15, 2011 - 12:51PM JST

Super Mario is going to make the italians take responsibilty and do the hard yards for their lifestyle much like the greeks who still want their salaries for 14 months of the year, their inflated pensions, low taxes etc. You can only live on the pigs back for so long. Time to pay the piper !!
-3

Elbuda MexicanoNov. 15, 2011 - 12:55PM JST

I do hope he can pull a Super Mario!! All we need to fix Italia after that womanizer Berlusconni screwewd Italia for so many years!!
-1

JeremiahWNov. 15, 2011 - 12:55PM JST

Monti is also a Goldman Sachs guy, like Tim Geihtner and like President Obama.So he understands what Obama wants from him. Italian peoples have to do their part.They need to have skin in the game.
0

WeaselNov. 15, 2011 - 01:11PM JST

The problem is getting the Italy's political parties to sing the same tune, as each party wants to sing in a slightly different octave. Till that happens, I don't see much chance of these austerity reforms taking foot. False promises of such "reforms" were made by Silvio Berlusconi back in the 90's, and he simply chose to allow the problems to percolate to mess that the Italians are having to deal with today. The Italians are well aware there's going to be a painful withdrawal they're going to have to deal with, but the problem is people are financially broke, and there's little to zero economic growth to ease the withdrawal pains.
0

WilliBNov. 15, 2011 - 03:59PM JST

gelendestrasse:

" The euro would have worked if there was a stronger central government and one central bank - the Bundesbank. But the markets don't want to wait for the politicians to solve the problem that the markets helped create. " The markets do not create problems, politicians do. The markets simply are. A common currency without a political union naturally means that some countries will have to go bankrupt because the artificial currency is too strong for them. When politicians started to try to avoid this by means of introducing a transfer union (breaking the all Euro treaties in the process), the markets naturally responded to that.

The markets are now reacting to the anticipated additional foolish interventions by politicians -- and thus we have the unholy mess we are in now.

The root cause of this is the idiotic attempt to pretend to have a political union without actually having one.
0

WilliBNov. 15, 2011 - 04:00PM JST

gelendestrasse:

"The euro would have worked if there was a stronger central government and one central bank - the Bundesbank. But the markets don't want to wait for the politicians to solve the problem that the markets helped create. "

The markets do not create problems, politicians do. The markets simply are. A common currency without a political union naturally means that some countries will have to go bankrupt because the artificial currency is too strong for them. When politicians started to try to avoid this by means of introducing a transfer union (breaking the all Euro treaties in the process), the markets naturally responded to that.

The markets are now reacting to the anticipated additional foolish interventions by politicians -- and thus we have the unholy mess we are in now.

The root cause of this is the idiotic attempt to pretend to have a political union without actually having one.
0

Daniela BottiNov. 16, 2011 - 08:21AM JST

ExportExpert : salaries for 14 months of the year, their inflated pensions, low taxes ? Italians pay high taxes, pensions are only a dream and most young people do not have a job. the politicians have all this and much more, and I doubt that things will change with Monti.