Tuesday, 20 December 2016

Brace Yourself For Italy's Bankruptcy

Matteo Renzi has joined a long line of Italian prime ministers who failed to “reform” their country. This is another way of saying that he could not wave a magic wand and make Italy competitive with Germany. The grim reality is that no Italian leader stood a chance of changing their country once the fateful decision was made to peg its currency to Germany’s. At the time of the euro’s launch in 1999, I argued that the risk profile of Italy would change from being an economy where there was a high probability of many currency devaluations to the certain probability of eventual bankruptcy. Sadly, that moment is not so far away. Dec. 21

Italy’s  horoscope is presented here. Notice that Saturn is transiting over the South Node in the 2nd and  beginning an opposition to radix Sun and Uranus in the 8th house. The 8th rules debt and a country’s financial solvency [1] so that a crisis of bankruptcy is indeed very much on the horizon.

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