with regards to the italian thing

.....unfortunately there won't be any default. Unfortunately because if there was one, it would be the right time to free ourselves from the parasites of the part of italy that anyone know. The truth is that 80% of people here own the house where they live. Private indebtment is far lower than everywhere else while people on average have savings. There's a proposal from the leftists to apply a tax on people's bank accounts that are over a certain amount of money (a large one) which by itself would reduce the public debt to 80% of the GDP from actual 120%. That says it all. Catastrophic forecasts about any italian default are unfortunately wrong.

Edited by andr99, 05 August 2011 - 02:03 AM.

.....unfortunately there won't be any default. Unfortunately because if there was one, it would be the right time to free ourselves from the parasites of the part of italy that anyone know. The truth is that 80% of people here own the house where they live. Private indebtment is far lower than everywhere else while people on average have savings. There's a proposal from the leftists to apply a tax on people's bank accounts that are over a certain amount of money (a large one) which by itself would reduce the public debt to 80% of the GDP from actual 120%. That says it all. Catastrophic forecasts about any italian default are unfortunately wrong.

Thanks for following up on this. Zerohedge must have bad data. I can imagine there is some movement out of bank deposits to avoid the tax noted.

.....unfortunately there won't be any default. Unfortunately because if there was one, it would be the right time to free ourselves from the parasites of the part of italy that anyone know. The truth is that 80% of people here own the house where they live. Private indebtment is far lower than everywhere else while people on average have savings. There's a proposal from the leftists to apply a tax on people's bank accounts that are over a certain amount of money (a large one) which by itself would reduce the public debt to 80% of the GDP from actual 120%. That says it all. Catastrophic forecasts about any italian default are unfortunately wrong.

Thanks for following up on this. Zerohedge must have bad data. I can imagine there is some movement out of bank deposits to avoid the tax noted.

If there were a run to close banking accounts, for sure the government would block it, and they would do the right thing because that would just be emotionally driven. What zerohedge doesn' t consider is the private richness in italy and if it is true that it would be impossible to bail out italy, as it is the third European economy four times larger (we're talking about Northern italy alone given that southern italy is just a debt) than Ireland-Portugal and Greece together, the truth is that there won' t be any need to bail out italy as we will bail out ourselves. The government will begin soon to cut part of (or all) the robbery of state finances that has been going on in southern italy for more than a century as of now. It's not possible that these italians have a healthcare system which is at the level of that of Burundi and costs ten times ours which is at an average European level. That says it all about the robbery going on in that part of ''italy''.

BTW.....their healthcare system is ''Burundian'', it costs ten times ours...........and when they are seriously ill, they come in mass to Northern italian hospitals to search good medicares. It's laughable and unbelievable but reality is like that, so that laughing is useless.

Edited by andr99, 05 August 2011 - 04:07 AM.