During weekend, I read some articles about the European crisis. One of issues articles talked about is resignations of Greek and Italian prime ministers, and political and economic effects of resignations. Italian Prime minister, Silvio Berlusconi decided to resign after Parliament passes economic reform EU required to save Italy from sinking into European debt crisis. After a vote to pass the economic reform, he will finish his long and turbulent 17 years, six sex scandals and corruption, as a politian. In case of Greece, as Greece resolved its political crisis by changing its prime minister, wealthy European countries such as Germany and France have already bailed out Greece. However, in case of Italy, the third-largest economy of Eurozone, it has lots of debts around €1.9 trillion ($2.6 trillion) looked too big for Eurozone to bail out and too big to ignore at the same time. Furthermore, Italy’s bond rate became 6.77 percent that is highest level after it has used Euro currency. This is important because a rate of over 7 percent is considered unsustainable. As bond rate goes up, the burdens of its bond soar because they have to pay back its yield to lender who bought its government bonds, and it was already proved by cases of Greece, Portugal and Ireland. Anyway, because of Italian problem, it does not look easy to solve this economic turblence. I will just keep watching this situation.

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