<blockquote>'The Italian economy may be the third largest in the euro zone, but it is also plagued by inefficiency and continues to shrink. The country's political leadership has proven unable to implement badly needed reforms and the future looks grim .. The last few years, says Gianni Toniolo, an economics professor in Rome, represent "the worst crisis in (the country's) history," even more devastating tha[n] the period between 1929 and 1934 .. the country's structural problems remained. They include, in addition to the tax burden, a bloated bureaucracy that obstructs almost all economic activity, an inefficient judiciary that deters potential investors with trials that can last for decades, a relatively low education level and a poor infrastructure characterized by potholed streets, an energy supply prone to failure, constantly delayed trains and outmoded communication networks.
As a result, Italy continues to fall behind internationally as a place to invest. It is now 44th in the World Competitiveness Center (WCC) ranking, below the Philippines, Latvia, Russia and Peru, and only slightly above Spain and Portugal .. Even the current administration seems incapable of pursuing reform.'
-
Basta 'La Casta': No End in Sight to Italy's Economic Decline, July 24, 2013</blockquote>
<blockquote>'For more on Italy, please note the opinion of Enrico Colombatto, Professor of Economics at the University of Turin who says
"Only Hope For Italy is Bankruptcy".'
- Mike "Mish" Shedlock,
..Italy's Shadow Economy, July 28, 2013</blockquote>
Context<blockquote>
Banking Reform</blockquote>