Do you believe that an international banking conspiracy is deceiving us about Italy's debt standing at over 120% of GDP?
Do you believe that Italy's debt is that high because Italy overleveraged itself on mortgage-backed securities?
Did you read the other comments on this thread, where Italy's central bank director complained about Italian wage stagnation and its two-tiered employment system, and its poor tax revenues?
No they are not necessarily deceiving us on the outstanding debt in Italy. But they certainly weren't sounding the sovereign credit alarm or MBS/CDOs alarm when the money was rolling in, even though they had direct access to data & probably knew what was coming down the line. 120% of GDP is concerning but not end of the world. The USA has a higher ratio. Italy's credit rating has actually been lower before. If we were extremely concerned about GDP/debt ratio & credit ratings then perhaps we should all adopt a model like China.
Italy didn't get to where it's at entirely because of MBSs but the crisis certainly didn't help any country's financial situation & many countries had to shore up banks & took a credit hit.
There are definitely some issues with how Italy operates. Having a philandering-media-monopoly-owning-billionaire tyrant in charge certainly doesn't help.
While changes probably need to be made, the fact is that changes always need to be made. Radically switching to a pro-corporate/anti-worker strategy because shady rating agencies might downgrade you a point is silly.
Do you believe that Italy's debt is that high because Italy overleveraged itself on mortgage-backed securities?
Did you read the other comments on this thread, where Italy's central bank director complained about Italian wage stagnation and its two-tiered employment system, and its poor tax revenues?