Silvio Berlusconi is reported as having commented during private conversations with Italian ministers regarding the ECB, Sarkozy, and Merkel:
“They have decided to intervene in favour of our bonds to save themselves, not Italy.
“If the green light of individual countries is needed before the ECB can intervene, that means that the ECB is not yet, as it should be, the autonomous, authoritative and independent governor of the euro area. If it must be said, as Trichet did, that in return for an intervention in favour of our bonds a political ‘yes’ was needed, then we have evidence of the fact that we’re far away from a communitarian governance that can scare speculators.
“And if today it’s our turn, tomorrow it can be Paris’s turn.”
And sure enough . . . !
But first he had to swallow hard again . . .
Berlusconi said that Merkel and Trichet “strongly appreciated” Italy’s latest €45½ billion austerity budget, which would see substantial cuts in an attempt to return the country to a balanced budget in 2013, instead of 2014, as previously planned. It is Italy’s second austerity budget in as many months, after the government agreed a package worth €48 billion in July.
And so the EU austerity bandwagon rolls on.People’s Movement · 25 Shanowen Crescent · Dublin 9 · www.people.ie · 087 2308330 · post (at) people (dot) ie