In Turmoil, Greece and Italy Deepen Euro Crisis[The New York Times]
With political turmoil still plaguing Greece and descending upon the much larger economy of Italy on Monday, the fate of the euro and market stability worldwide hinged on whether two of Europe’s most tangled and unresponsive political cultures could deal with their tightening fiscal gridlock.
The prospect of a new transitional, technocratic government in Greece, and signs that Silvio Berlusconi’s resilient hold on power in Italy was weakening, did little to reassure investors that either country was prepared to grapple with the deep structural changes that investors are demanding to restore growth and reduce deficits.
In both places, it is not only the economy that is on trial, but also the ability of democratic government to make highly unpopular choices.
http://www.nytimes.com/2011/11/08/world/europe/greece-and-italy-sink-under-turmoil-as-euro-crisis-widens.html?partner=rssnyt&emc=rss
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