Italy News
WHY ITALY'S ECONOMY IS ABOUT TO COLLAPSE
The Prime Minister of Italy, Matteo Renzi, recently stated: "Governing the Italians is not impossible, it is merely useless." Economic reform attempts have not been reaching the hoped goals, and even the leader of the country is starting to lose hope.
Italy's GDP has shrunken by 10% since 2007, and unemployment rates have risen from 12 to 13%. 15% of Italian industrial capacity is destroyed, and the total government debt is about
€ 3,885 billion. Considering that this cost is 259% of the country's annual income, it is likely that it will take decades to pay off completely.
All this damage has dramatically affected the economy - reducing employment and investment, and reducing growth potential in general.
Read more:
http://www.independent.co.uk/voices/why-italy-s-economy-is-about-to-collapse-a7091221.html
IS THE EURO FAILING ITALY'S ECONOMY?
Many German economists have recently started to question the value of the Euro, which the Italian government has adopted for the past 15 years. This point was first made by Clemens Fuest, who works at the Institute for Economic Research, arguing that the Euro has not risen living standards since 2002.
Critics say that these methods of economic organization exist to help unite the European countries. However, Fuest explains that such are political matters. The economic structure and policy must be judged and looked at first. He believes many people do not notice it now, but in the future, people will start getting dissatisfied and go against the Euro. The head of Germany's Ifo Economic Institute, seems to agree with this too:
"The head of Germany's Ifo Economic Institute believes Italians will eventually want to quit the euro currency area if their standard of living does not improve."
He says that it is foolish to stay in a system if it doesn't achieve the basic standard of an economy, and hopes that citizens will become aware of this. Fuest claims that if the use of the Euro continues, Italy is doomed to an economic disaster, just like what happened to Ireland, Finland, Spain and Greece.
Read more:
https://www.forbes.com/sites/timworstall/2017/01/02/italy-might-leave-euro-says-leading-german-economist-probably-it-should-too/#55bd38ce5a18
5 SUSPECTED TERRORISTS NABBED IN ITALY
Since the unexpected terrorist attack in Paris, police in Italu have been extra cautious about suspicious looking people around town.
This morning, it was reported that five suspected members of an Islamic guerrilla group with links to Osama Bin Laden was arrested. The five men were found in Milan and are currently being held in the San Vittore prison in Milan.
Milan prosecutor Stefano Dambruoso said that the five had connections with other terrorist groups in France , Germany, Belgium, and Britain. They are accused of trafficking in firearms and explosives, and also for producing false documents. It is suspected that the five men were believed to have planned an attack on the U.S. Embassy in Rome, but it yet to be confirmed.
Read more:
http://abcnews.go.com/International/story?id=81288
