It Will Not End Well: Europe’s Economic Crisis Is Now Worse Than The Great Depression While The European Union Is Splits Into Two, And Europe Suffered Three Disasters In Just The Last Month!
March 30th, 2013
Europe Suffered Three Disasters In Just The Last Month
Europe should be really happy that March is over. It was a disastrous month.
There were three main stories; all of them bad.
Italy can’t form a government. Italy’s parliamentary election took place at the end of February, and it was immediately clear that no single party won enough seats in both houses of Parliament to be able to form a government. Center-left candidate Pier Luigi Bersani had the best shot of establishing a coalition, but he was unable to come to any deals with Berlusconi’s party, and he was unable to pick away any support from Beppe Grillo’s Five-Star party, and bring them over to his side.
That all came to a head at the end of this past week. The ball has now been thrown into the court of Italian President Napolitano (a separate position than PM, who serves a seven-year term, and whose job it is to facilitate the establishment of a government). Another election this year looks very likely.
Since the February election, there have been polls in Italy showing strength for Berlusconi and Beppe Grillo, so if there were another election there’s a good shot that the winner would be someone who doesn’t have the same inclination to play nice with the rest of the Eurozone.
Cyprus. This was a fiasco on so many levels.