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Kasz216 said: [...]
I don't see how bankers really fit into your countries problems. Outside banks being stupid enough to lend your country money when it should of been forced to cut it's spending a decade ago. Banks are going to do nothing but lose money in this Italy situation... and Italy will likely end up screwed either way... all thanks to the irresponsibility of the last Italian Prime Minister. |
Italy's debt started growing without control with the centre-left wing governments during the '70s. The government under which the state's deficit grew the most had the current Prime Minister Mario Monti as one of the vice-ministers of the Balance (back then we hadn't a single Ministry of Economy, but three separate ones, Finance, Treasury and Balance), in three years the debt grew by more than 44%.
And the banks have a serious role, EU central bank doesn't lend directly to EU states like a true central bank, but through big private merchant banks, that obviously make the interest rate rise to get their profit. The conflict of interest is obvious, banks profit directly from speculation and indirectly thanks to increased interest rates on the money borrowed by the attacked states from BCE. Who devised that mechanism is either crazy or fool or a thug.
