ITALY AND BERLUSCONI, IS REALITY FINALLY IN SIGHT ?

One cannot deny that ITALY, or "ITALIA", is not facing a major crisis!!!  It will in fact be the 4th country in EU history of the 17 countries that adopted the EURO as its currency, to be filing for "bankruptcy", i.e. "requesting "aid" !!!   Just to be quite clear, the next country which is studying its "options" is SPAIN !!!  For some time Spain has been biding its time !!!


BERLUSCONI, following his last court case (there are others to come) was ordered to pay a hefty settlement of 570 Million euros of damages !!!  As Prime Minister of his country, finally stripped of his immunity from prosecution, a short term future political carreer can be predicted.


On a philosophical basis, how often has one seen recently the abuses which set in when Presidents or Prime Ministers are re-elected after a second term in office ?  This observation concerns not only E U countries but former communist states, Arab States, and African Countries. In fact what will happen in Russia next, and for that matter in other less important countries ?


The EU has lost any control it ever had of the EURO since its introduction in 2000 !!!  What can you expect if a currency is not centrally controled ?    This Blog has repeated this same criticism many times !!! 


The only solution is to permit countries, which can no longer honour their obligations, is to withdraw from the EURO !!!  Those countries must then adopt a new local currency, convert EURO Debts and other debts expressed in a foreign currency into the new local currtency, and then devalue the local currency !!!   At that point in time the country concerned could start anew !!!


When ex-EURO countries want to rejoin the "NEW EURO" perhaps the EU experts will have had enough time to set up a centralised system of control of the NEW EURO !!!  Because there were no real systems of control in place, European Leaders do not want to accept the inevitable solution that a EURO member in difficulty must abandon the EURO.  The same EURO leaders do not realize that throwing good money after bad is like a boomerang !!!  It comes back with twice the impact !!!  Taxpayers bear the brunt of the cost !!!


Some current Leaders hope the problem will go away !!!  Many leaders already realize that in the next 12 months they will lose their re-election !!!