The wildly optimistic hope is that Italian politicians will pass a slate of austerity measures by Sunday. Afterwards, Berlusconi will resign.
This sounds so unrealistic that it’s almost insane. Headlines crossed suggesting labor protection laws will be relaxed, that was later denied. Apparently the wealth tax is off the table. There is talk the retirement age will be boosted to 67.
It’s absolutely fanciful that politicans — without any leadership, operating in some sort of market-imposed flux, and with the EU leaning on them for even more austerity — will figure out what to vote on and pass it in four days.
Sell any EUR rally.
