Despite gloomy predictions, the Italian economy has surged upwards. Showing an increase of 0.1% in the past 12 months, the hike in the GDP is accompanied by an increase in employment. While domestic demand remains timid, exports have increased.
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The upward surge of the spread to today's 506.48 for 10-year bonds (but 519 at the opening of the markets) has reignited interest in holding elections this November, six months ahead of schedule. The emergency premier Mario Monti reportedly told President Giorgio Napolitano Wednesday that, "My government has done what it could." Whether or not these were Monti's precise words, they definitely express a darkening mood.
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Presenting the American institutions and stakeholders with positive updates on the efficiency of Italian justice, Minister Severino elaborated on Italy’s readiness for foreign investments. “Italy is an improved country,” she told the Italian-American community at the Italian Consulate in New York, where she acknowledged the role of Italian-Americans as “privileged witnesses of Italy’s belief in meritocracy.” STAY TUNED FOR OUR VIDEO INTERVIEW!
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There's good news from Italy, and it's about time. (Never fear: at the tail end of this piece we'll report some bad news, too.)
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On Thursday the Italian Senate passed the hastily redrafted emergency austerity budget. The situation, in a nutshell, is dire. Although Italy has the third largest economy in the Euro zone, its national debt has soared to $2.6 trillion, or 120% of its GDP. But pessimism is in the air, and the latest International Monetary Fund projection is that by the end of this year public debt will shoot up even further.
