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Encouraging reading

The country has reserves of strength. Private debt is low and Italians own some €12 trillion of savings and assets. Italy could at any time break out of its sovereign debt-trap by confiscating a slice of private wealth and seizing bank deposits along the lines to the Amato haircut in the early 1990s, or the Argentine corralito.

The chances that the next Italian government will contemplate such a measure are zero. It would sooner default to foreign creditors.

Screw the foreigners, not the voters, does sound better, no?

7 thoughts on “Encouraging reading”

  1. The Italian government can barely get through a single year before it’s dissolved and a new one formed – and Italians on one side of the country don’t like the ones on the other side.

    Try to confiscate wealth and they’d just tear the country up and go their own ways.

  2. I’m surprised at the …ease… with which Ambrose-dear even contemplates the seizure of private property by the state as even an option.
    Quite unironically as well, as far as I can tell.

    You start wondering if he occasionally has a sherry after lunch in Ely.

  3. Grikath said:
    “I’m surprised at the …ease… with which Ambrose-dear even contemplates the seizure of private property by the state as even an option.”

    Indeed. And this is the Telegraph. The country’s doomed.

  4. Please don’t be rude about Ambrose Evans-Hiccough. He produces beautifully written, well researched and dare I say authoritative pieces.

    It’s just that he’s usually wrong…

  5. He’s not reliably wrong – he’s no use as a contra-indicator. Every now and then he churns out a good’un.

  6. Ambrose Evans-Prick

    For years I’ve been asking “Why the hell do Telegraph employ this fool?”

    He should be writing for The Grauniad

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