A Quote by Anibal Cavaco Silva
The savings rate in Italy is high, but the markets do not trust Italy even though it's the third largest economy in the European Union and the eighth in the world.
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Italy is one of the eight major industrial nations. What will happen if a G-8 country within the European Union goes bankrupt? Does anyone think Germany wouldn't be affected? Italy is one of our key markets.
Italy is the fourth-largest economy in Europe and the eighth-largest economy in the world, and its banking system is collapsing. And Germany is desperate. It must maintain its standard of living. It can only do that with exports and Deutsche Bank is very exposed to Italian debt. But so is the rest of Europe.
There you see how absurd the reactions of the so-called markets are. For a long time, Italy was run by one of the most unprofessional politicians anywhere. But there wasn't much pressure in terms of speculation. Now, in Mario Monti, Italy has the kind of leader you usually only get in Hollywood movies, a distinguished professor who won't even accept a cook at his residence, the Palazzo Chigi. Instead Monti's wife cooks their pasta herself - and this is the man the markets don't trust.
I am proud to be Italian because I was born in Italy, I grew up in Italy, I went to school in Italy and I have worked in Italy. I'm Italian.
Italy may well be the main problem. It has benefited most from the euro by having been able to get the euro interest rate instead of what otherwise would have been its own. That would be much higher because Italy has been accumulating so much debt. In the past, Italy has inflated away its debt. The virtue of the euro is that Italy can't do it alone. A tight ECB policy wouldn't permit that to happen again.
Brexit is a disaster, Italy won't be real about its debt, and the European Union is in trouble.
I can still remember watching Italy win the 1982 World Cup. I was just an eight-year-old kid in Naples, my hometown, watching the games with a bunch of people in the houses of relatives and friends. I can recall that when Italy scored, we would shout and hug, even though we did not all know each other.
If Macron thinks there is no immigration crisis in Italy, he should open his doors to the 9,000 migrants France agreed to welcome from Italy in accordance with signed European agreements.
But Italy is not an intellectual country. On the subway in Tokyo everybody reads. In Italy, they don't. Don't evaluate Italy from the fact that it produced Raphael and Michelangelo.
The European Union is a union of the extreme center. It's a banker's union. You see how they operate in country after country, appointing technocrats to take over and run countries for long periods. They did it in Greece; they did it in Italy; they considered it in other parts of Europe.
Italy, my Italy! Queen Mary's saying serves for me (When fortune's malice Lost her Calais): "Open my heart, and you will see Graved inside of it 'Italy.'"
Europe is nervous. Already rattled this year by the shock of the Brexit vote, the European Union needs stability in Italy, a country notorious for its instability.
Italy will start the future. Because in the last 20, 20 years, Italy discussed only about the past. "Oh, the past is wonderful in Italy." Look, look Palazzo Vecchio. The most beautiful place in the world, in my opinion, I think this is incredible place. But the past is not sufficient. Is not enough. We need the future. Because we are Italians. And Italy is not only a museum.
Well, the U.S., of course, is the world's largest economy. It's about a quarter of the world's output. It's also home to many of the largest financial institutions and financial markets.
I love Italy; in Italy, I grew up like a man and like a player. I felt Italy like a family.
I'm a pessimist about the euro, but not about Europe. So the southern periphery, Spain, Italy, Greece, leave - Italy might be the first to go - and the rest stay. That will work just fine. But unless they want to give up democracy, I don't see greater fiscal union as the answer.
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