Tuesday, May 24, 2011

Remember Italy?

I wouldn't normally link to anything in the Wall Street Journal, but I'll make an exception for Edward Hugh - he has a neat piece about how people are slowly remembering that Italy has a big debt problem, a useless and corrupt government, and serious competitiveness issues. He also reminds us that while Portugal, Greece and Spain together amount to 18% of Eurozone GDP, Italy alone accounts for another 17%.

In other words, there may be (more) trouble ahead for the Euro. Trouble of the kind European elites are clearly not up to dealing with.