EU turmoil as Italians vote against austerity

[itsnotoutthere]

Fears that deadlock will lengthen Italy's two-year recession and spill over into rest of the eurozone hit markets across Europe

Three years of German-led austerity and budget cuts aimed at saving the euro and retooling the European economy was left facing one of its biggest challenges as Italian voters' rejection of spending cuts and tax rises opened up a stark new fissure in European politics.

Despite the withering popular verdict on cuts and taxes, Brussels and Berlin insisted the austerity programme had to be continued in Italy. France and others seized on the outcome for their own purposes, arguing for a relaxation of spending cuts and greater emphasis on policies to boost growth and job creation.

Angela Merkel, bidding for a third term as German chancellor in September, has been banking on a period of eurozone calm in the run-up to her election, but Italian voters have wrecked that calculation.

Link: http://www.guardian.co.uk/world/2013/feb/26/italy-election-austerity-eurozone-turmoil

[ExpandMyMind]

The most surprising thing about this is that, apparently, itsnotoutthere has strayed onto the Guardian website

Edited February 27, 2013 by ExpandMyMind

[Space Commander Travis]

Where's Il Duce when they need him?

* Actually, note this again: Despite the withering popular verdict on cuts and taxes, Brussels and Berlin insisted the austerity programme had to be continued in Italy

Yes, and the Empire never dictates what other countries should do in order to keep the Imperial Currency afloat, do they? I hope the Rapid Rebuttal force will be swift to refute that muth.

Edited February 27, 2013 by Lord Vetinari

[itsnotoutthere]

The most surprising thing about this is that, apparently, itsnotoutthere has strayed onto the Guardian website

I know, i'm not proud.

[spartan max2]

can someone explain the austerity programme to me please

[TheLastLazyGun]

Mr Clegg's voting system and the comedian who's exposed what a joke the euro is: http://www.dailymail.co.uk/news/article-2285027/Mr-Cleggs-voting-comedian-whos-exposed-joke-euro-is.html#ixzz2M7I0xX1R

Edited February 27, 2013 by TheLastLazyGun

[Frank Merton]

can someone explain the austerity programme to me please

I wish I could but it makes no sense to me. You have a depression in your country, which means tax revenues go down and spending increases, so you end up with a budget deficit.

Now, to "solve" this, you are supposed to increase taxes and cut spending, making your nations's depression even worse and your deficit even worse.

[stevewinn]

The most surprising thing about this is that, apparently, itsnotoutthere has strayed onto the Guardian website

That made me laugh mate, 10/10.

I know, i'm not proud.

we all have moments of madness, consult a Doctor if in the coming days you find yourself wearing sandals and eating lentils.

As for Italy, it was always expected, remember how prime minister Mario Monti got the job in the first place, installed by the EU. just like the government in Greece.