The March elections in Italy, saw a center-right coalition take first place, but failed to achieve a majority. The upstart anti-establishment 5 Star Movement (M5S), is now the largest political party in the legislature, taking over 30% of the total. That created a hung legislature, which necessitated the building of new political alliances in Italy. Italy is the 3rd largest economy in the Eurozone, 9th largest globally, with a GDP (Gross Domestic Product) of $1.934 trillion USD (United States Dollar). Ongoing political […]
Italy: The Next Domino To Fall?
The resignation this month of Matteo Renzi the Prime Minister of Italy, may have ended the 63rd government in 70 years. His departure was the result of a voter rejection in a referendum, for a series of constitutional reforms. The changes would of enabled him to more easily enact legislation, that he deemed necessary to help the presently stagnate Italian economy. Mr. Renzi joins the ranks of other European leaders, who have found that the electorate is growing increasingly impatient with the […]
The Next European Union Crisis Unfolds: Banks In Italy
The 28 nation European Union (EU) has been in a state of disarray, since the Great Recession and the resulting financial meltdown in 2008 and 2009. The collapse in the American real estate market left banks, investment firms and numerous individual investors with mortgage backed securities that proved to be toxic. So many of these investments were nonperforming assets, that the entire banking financial system was in danger of collapse. Following the economic downturn, governments across Europe were left with entitlement outlays that were […]