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Latest Italian Government Items
The stock market fell Monday after a jump in Italy's borrowing costs reminded investors of how much work remains to be done to contain Europe's debt problems.
Expectations that respected economist Mario Monti will lead a new interim Italian government helped calm market fears Thursday as the country was heading for a Greek-style crisis that would threaten the existence of the entire eurozone.
The Dow Jones industrial average dropped more than 400 points Wednesday after Italy's borrowing costs soared and talks collapsed in Greece on forming a new government.
The next domino is about to fall in the European debt crisis, and it's the biggest yet. Greece, Portugal and Ireland have already received bailouts from the European Union and the International Monetary Fund (IMF). There's no pot of rescue money big enough to save the European Union's third-largest economy, Italy.
Stocks turned higher Tuesday after investors got the news they had been hoping for: Italian Prime Minister Silvio Berlusconi promised to resign once a new budget was passed. The Dow Jones industrial average closed up 101 points.
A late afternoon rally pushed the stock market higher for only the second day this month. Major indexes spent most of Monday lower as investors worried that Greece could be edging closer to default.
Since the end of World War II, in both the United States and Western Europe, the best way to win a national election has been to be the incumbent political party. But that 3-generation-old predisposition in Western democracies may be coming to an end.
I am an Italian citizen and wish to express my dissent from the decisions made recently by the Italian government, a government that does not represent me in any way.
Did you know that in Denmark, the poorest 30 percent pay 14.1 percent of all taxes and the richest pay 48.7 percent, while in the United States, the poorest 30 percent pay just 6.1 percent of all taxes and the richest 30 percent pay a whopping 65.3 percent? The surprising thing is not that the richest pay most of the taxes but that the U.S. has nearly the most progressive tax system in the world, while the Scandinavian countries have about the least progressive tax systems, contrary to commonly held belief.