A "Troika" document admits the failure of the policy imposed to Greece. A vicious circle is in motion with fiscal restrictions, subsequent real (and nominal) decrease in GDP, new fiscal restrictions and so on
The lack of growth is the most threatening aspect of the Italian crisis, and of the eurozone. The solution depends on the ECB and on the (post-Berlusconi) Italian Government.
Tthe dissolution of the EMU is not the end of EU – quite the contrary. If that recognition is understood, some necessary changes of the currency system might bring a kind of euro-realism into the collaboration of the EU.
According to ECB the future of the euro countries is entrusted to "structural reforms", a very misleading formula to indicate the reverse of the social rights in a framework of impoverished and powerless working class
Generalized efforts by all governments to balance their budgets simultaneously might actually result in a perverse combination of budgetary (and trade) imbalances as well as a lower level of employment and income worldwide
The letter sent by Jean-Claude Trichet and Mario Daghi to Italian government clarifies the economic and social guidelines of the ECB: a true neoliberal approach that hardly can avert the eurozone's crisis.
