Sunday, July 26, 2009


. Sunday, July 26, 2009

Mario Draghi, governor of the Bank of Italy:

We will emerge from the economic crisis with more debt and higher unemployment. In order to reduce them, we should be able to grow at a faster pace than over the last 10 years.

Edward Hugh at A Fistful of Euros:

Well, growing more rapidly than over the last ten years should not, in theory be difficult, since according to my calculations, and using the forecast of the IMF, the average rate over the last decade will be more or less zero by the end of next year. That is to say, GDP by the end of 2010 should not be much above GDP in 2001.

Snark aside, there are no reasons for optimism in Italy. Hugh, again:

Indeed, I reckon the Italian economy is just as likely to contract over the next decade as it is to grow.

If you're feeling masochistic there is a chart at the link.






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