To keep operating without massive budget cuts (something neither party in the ruling coalition has shown any sign of supporting) Italy must sell 400 billion euros ($457 billion) of debt per year.
They are the size of California. They need to dump 20% of GDP per yer on the debt markets, an impossibility in anyone's calculation. They are in recession. French banks are the most exposed, and French yellow vesters will be expected to pay up. What is the likelihood?
his is a sudden stop for Europe, meeting of the elders.
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