Pubblicato il 5 Giugno 2012 da Veronica Baker
Another bad analysis from Zerohedge
The EFSF/ESM hybrid can not provide the cash needed for even half the combined funding needs of Italy and Spain.
Now, Bridgewater strikes at Europe once again, this time redirecting the general attention to where it is long overdue : Italy.
Fonte : Zerohedge
Zerohedge has proved again to be the very bad copy of the interesting blog was once a time.
Italy doesn’t need banks to buy government bonds, because italian government has always relied on Italian families to do that (ask Rigor Monti for infos, what is the reason why it was introduced the hated tax named IMU ?)
Italian households have the lowest level of debt to income in the OECD (circa 40% of income versus say 150% of debt to income in Australia, for example) and Italian households traditionally hold cash in their accounts (but big problems soon unsustainable for those who are heavily indebted for mortgages, of course).
So the “back of the envelope” calculations of these Zerohedge’s morons mean nothing : the situation is completely different from Spain, where banks are directly owners of properties that have been devalued by at least 50% since 2007 (and for this reason now all of those must be fully recapitalized).
The italian problem is only one : flying capital – huge and growing – to foreign countries, due to unsustainable fiscal taxation, and consequently economic and financial depression for all those remain living in the country.