Surprise, surprise. President Matarella of Italy announced that he will request the Foreign Minister of Italy to form a new government to take over from Matteo Renzi who resigned as Prime Minister on Friday last. This will hardly cause a ripple in the country as this will be government number 68 of the post war era. Mr. Renzi was not able to convince voters that a structural change in the composition of the Parliament would benefit the entire population. His message was drowned out by populists of the 5 Star Party and he was also opposed by old Slick Dog Berlesconi.
Consequently, the media will jump in on the merry-go-round as the all-to- familiar drill plays out until the next election cycle of 2017. Has anybody mentioned the costs?
It's a sad state of affairs given the precarious situation among Italian banks, many of which are teetering on the brink of dissolution. The residents of Siena in Tuscany are especially distressed as their namesake bank is identified as the worst in Europe. Who received all the loans given out by the local bankers? What businesses failed, leading to the bad loans? Let's follow the $$$$$/EEEEEuro.
More on this later.
Good luck to all our Italian brothers and sisters, as they have their morning espresso and contemplate a dismal Christmas season.
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