Italy has the highest primary surplus in the Eurozone, indeed in Europe; it has a positive trade surplus; 60% of its trade is extra-European Union. Italy can pay government expenditures out of current government revenue, and have resources left over, if it does not have to pay interest on historical debt. Italy can import what it needs and pay for it with its exports when it does not have to pay interest on historic debt held abroad. It is not dependent for trade on the good will of the European Union. Italy, with an advanced and diversified economy slightly larger than that of the United Kingdom, is no Greece.
It is time to require forgiveness of a large part of Italy's historic debt and acceptance of rescheduling of debt maturities - that is if the Eurozone wants to keep going at all - unless the European Central Bank is willing to intervene on a larger scale without penalty conditions of any kind in support of Italy's refunding its debt. It is time for Germany to pull its head in and recognise that there is a general election in November that will go badly for their elites if Italy stamps its foot on Sunday and rejects the Bersani-Monti axis.
Looking at the extraordinary, overwhelming rally in San Giovanni for Grillo this evening, and the huge numbers in Naples for Berlusconi, it looks as if Italian voters understand all this and are determined to end an 11% unemployment rate, a lack of growth, a wrecking of life chances for the young, and the impoverishment of the old in the name of an economic policy wholly concentrated on the furtherance of German and other European elites' interests. We don't need any of the current economic and social destruction. What we need is a different Europe.
The Five Star Movement Rally Addressed By Grillo This Evening