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Are they going? Any minute now

Posted by Helen Wednesday, November 09, 2011

Berlusconi is still promising to step down but that, apparently, is not going to save Italy and her economy.

Italy's borrowing cost has soared to a record high, despite Silvio Berlusconi's promise to step down as prime minister.

Mr Berlusconi had said he wanted to show global markets that the country was "serious" about sorting out its finances.

But on Wednesday morning, Italy's 10-year government bond yield - the rate the country pays in interest to borrow money - rose above 7% for the first time since entering the euro.

Italian President Giorgio Napolitano called for an immediate commitment to economic reforms to restore confidence in panicked financial markets.

Bond yields of more than 5% are considered unsustainable in the long term as governments cannot afford to pay that much over a long period.
Would it have been different if the man had paid any attention to his job and/or stepped down earlier? Quite possibly.

The Boy-King has come out fighting (well, sort of) for the beleaguered (I believe that is the correct expression) Theresa May. Her position thus becomes unassailable. Let me say that again, unassailable.

Hereditary Prime Minister Papandreou is all set to resign and this time he will really, really, do it. Well, he has to; after all, he told Sarko. In the fullness of time he will tell the people of Greece as well.

What with all this going on plus the IAEA officially announcing that Iran is becoming something of a problem, it is not surprising that the students' march for more money to be handed out against those terrible cuts in education has somehow disappeared from people's consciousness. Bad luck chaps and chapesses. And just a hint: try not to display Socialist Worker placards quite so prominently.

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