Tuesday, November 08, 2011

Does Greece resemble Italy? Or does Italy resemble Greece?

What a mess.

Greece needed a bailout package crafted by various Western European leaders to avoid default. And then its prime minister came close to scuttling the deal by demanding a nationwide referendum before it could be implemented. Now, Prime Minister George Papandreou appears to be heading for the unemployment line, as discussions about a short-term government continue.

In neighboring Italy, the news is equally grim. The nation's ballooning debt crisis will soon claim Prime Minister Silvio Berlusconi, who announced today he will step aside once a reform package is agreed to in a few weeks.

It's not hard to understand why Reuters examines the situations in both nations and sees plenty of parallels.

You'll recall that Ireland went down this road of financial perdition not too long ago, and there are fears in Spain that that nation will be next.

Indeed. What a mess.

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