Monday, 29 October 2018

bilancia dei pagamenti

Rome and its freshly-minted conservative and anti-establishment government’s on-going strife with the EU over its fiscal policy, the country and the supranational body at loggerheads over a magnanimous and expansive budget versus a perceived push for unpopular austerity, is resulting in credit rating agencies—arguably their own special variety of bully—downgrading the outlook on Italy’s ability to fund the country or service its debts.
Banksy’s self-destructing piece of art seems to be a very apt meme to reference for this awkward standoff and stalemate, though departing from civic norms is not the same as impugning the sacred cows of the auction house. Neither party seems willing to budge but Brussels has signalled that it does not want to court an open, public battle between a populist coalition and the sedate commitments of sustainability and stability. At the same time, negotiations continue and Italy believes a resolution will be reached without any rash actions and stop short of outright revolt or renewed threats to quit the union.