Italian Economy and Culture

Topics: Italy, Silvio Berlusconi, Culture of Italy Pages: 4 (1626 words) Published: December 9, 2012
Italy Economy
Italy is a country facing economic and political upheaval. With a Parliament pressing hard to pass reforms designed ultimately for leading to the resignation of Prime Minister Silvio Berlusconi. Italy is in fact a country in economic turmoil. If we evaluate the state of the economy, it does leave little room to deny this current economic crisis has been years in the making. So now, it will be left to a new Prime Minister to solve financial problems decades in the making that are central to the debt crisis now dragging down the European -- and the global --economies. Just this month we have witnessed, hundreds of protesters, most of them young people, demonstrating outside the Treasury Ministry building, protesters were hoisting banners denouncing the Italian president of the European Central. Given most of the efforts being taken to reduce the swelling deficit are directly aimed at the pockets of the people. Can you really blame them? Some of the hard number as found on (This is reflective of the time this paper was written Mid-November). The budget deficit for Italy fell from 5.4% of GDP in 2009 to 4.6% in 2010. This was determined as due to a combination of GDP growth of 1.3%, fueled by a 9.1% rise in exports and a 1.0% rise in household spending, as well as the government's spending cuts. In July and August of this year, the bond market put Italy and, to a lesser extent, Spain, in its crosshairs, driving up bond yields so high that the ECB was forced to intervene, resuming its controversial bond purchasing tactic. Its support was conditional on Prime Minister Silvio Berlusconi's government pushing through a number of reforms, including an austerity package to eliminate the deficit by 2013 – which would have been a year ahead of the schedule already in place. The measure has been approved by the Senate; it now awaits confirmation in the Chamber of Deputies. The Italy cabinet has also passed a draft a German-style constitutional...
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