EUROZONE ALERT: Pants on fire in Italy, smoke and mirrors in Greece.

The Slog

Did Istat lie? Is ATE bank lying now?

italCRACKSAre Draghi and Merkel playing games?

‘Three days ago, I wrote here that «The [EU] focus has now shifted bigtime to Italy, where the unemployment rate amongst 15-24s just soared to 40%….well behind Greece – but Italy is a far bigger and more industrialised economy. As Bloomberg reports pointedly, “the [eurozone] region cannot recover without Italy’s revival”. That simply isn’t going to happen.’

At the start of Summer – in June as I recall – the Italians shocked everyone with ‘news’ that the economy was turning round. Shortly beforehand, I posted this much-lambasted comment in another post:

‘Another of my long-running ClubMed hobby-horses (informed by Spanish and Italian contacts rather than guesswork) is that various governments in Rome have been lying for Europe about their true financial state for donkey’s years: they’re just better at it than the Greek elite. More and…

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