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ITALY ITALY ITALY.It’s a problem that consumes all of Europe, and arguably the world.
In a new note out today, SocGen’s Vladimir Pillonca identifies 6 reasons Italy has come under attack.
Over the past six months, there's been no growth at all.
And actually, GDP per capita is lower than it was in the year 2000.
At 120%, only Greece is worse.
Newly announced budget cutting doesn't start the fiscal adjustment until 2013.
A lot could change by then.
Plus, there are elections in 2013, which could throw the whole thing into disarray.
Ultimately, it's not just about budget cutting, but about fixing the economy.
Unfortunately, nobody has any idea what to do.
Check out the failure of Italian labour productivity to rebound.
These downgrades have served to remind everyone what a mess the country is in.