Just a short note to mirror the blogosphere:
If you want to know why Italy has been sliding into a debt spiral, it was all predicted by Nouriel Roubini back in 2006 at a tempestuous session in Davos. Once again, it is all a matter of lagging peripheral competitiveness compared to Germany. Read it and weep, since the politicians still think the Euro crisis is due to fiscal irresponsibility that can only be remedied by austerity, austerity, austerity.
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