#ITALY THREAD:on.wsj.com/2ydKDzg "The Italian economy is set to contract by more than 9% this year, according to the European Commission. " should be viewed through the lens that those in unemployment insurance are statistically "employed". #ITALY (1/7)
Moreover, Small businesses are collateral damage in the war between central goverment and the Regions: less than 24 hours to the deadline a squabble erupted when the latest decree did NOT include leeway for Regions to set different rules.(2/7)
The Coesion minister, Mr. #Boccia, is a staunch centralist, and one of his strongest critics is the newly elected presidente of #EmiliaRomagna, mr. Bonaccini... from his same party. The locals are murmuring. (3/7)
Tourism is about 13% of the economy. But these are not the only sectors taking a long hard look at their business model and checking if they would not be better off sitting this one out altogether. If that happens, expect slews of voluntary liquidations. (4/7)
of course, the "V" of voluntary would not be the shape of this cycle. Italy is missing a generational chance to get rid of its notorious bureaucratic ballast...but it won't, and I can tell you why.(5/7)
Bureaucracy is power and manpower. Both go when you reduce it. and now, no public employee who now is in a group wielding power over lay citizens would want to lose it and get sent into the worst labour market in decades.(6/7)
In addition, most of them would be worth zilch. they would have to reinvent themselves, against private dispossessed citizens that survived italian bureaucracy (which, in passing, rarely applies to itself). @amlivemon @nglinsman @BaldingsWorld @jeuasommenulle @macrodesiac_
