FORMER Italian prime minister Silvio Berlusconi was holding secret talks to get his country out of the Eurozone FIVE YEARS AGO, according to a leading German economist.
Hans-Werner Sinn, former president of the German Ifo Institute for Economic Research, has painted a grim picture of the Italian economy and warned it faces a struggle to survive such a ‘catastrophic situation’.
He said Mr Berlusconi realised the Italian economy could not survive within the single currency back in the autumn of 2011 and saw no alternative to pulling out as quickly as possible. Continue reading
A THIRD of jobless Italians gave up looking for work at the start of the year, amid rising fears for Italy’s economy.
A whopping 37.1 per cent of unemployed Italians joined the ranks of those who have stopped looking for a job altogether between the last three months of 2015 and the first quarter of 2016, according to Eurostat data.
The number of those now classed as inactive is double the European average of 18.9 per cent.
Italy’s industry chiefs have warned that the country faces a “full credit emergency” as thousands of companies run out of critical funding, threatening a slide into deeper depression.
Confindustria, the business federation, said that 29% of Italian firms cannot meet “operational expenses” and are starved of liquidity. It said that a “third phase of the credit crunch” is under way that matches the shocks in 2008-09 and again in 2011. Continue reading