The Economist: Italian Vote Might Doom the Euro
Here's what the august British publication has to say about the recent election results:
In this week’s election a quarter of the electorate—a post-war record—did not even bother to show up. Of those who did, almost 30% endorsed Silvio Berlusconi, whose ruinous policies as a clownish prime minister are a main cause of Italy’s economic woes. And a further 25% voted for the Five Star Movement, which is led by a genuine comedian, Beppe Grillo. By contrast, Mario Monti, the reform-minded technocrat who has led Italy for the past 15 months and restored much of its battered credibility, got a measly 10%.
This result is a disaster for Italy and for Europe.
The euro was a bad idea, poorly executed. What doomed the euro was... the euro, right from start. The rest is just details.