The EU on Italy
The EU Commission says Italian debt is a concern for the whole eurozone.
One thing that irks me about European politics is the lack of respect for time and energy. In the Greek debt saga, they spent years arguing about who would pay for what and ultimately it was handled. What's lost is how much political time and energy that was dedicated to it. Similarly, it dominated the headlines for months on end.
Now, it's the same thing with Italy. Don't be surprised if deadlines are broken and pushed while threats are made in an endless saga.
Aside for the wasted political energy, what's lost in all this is how the uncertainty weighs on economic activity.
It's a shame.
