And according to the mayor of regional capital Palermo, the misery caused by financial crisis could spark a "civil war" in the southern island of Sicily.
"Because of an explosive mix of despair felt by many families and the stranglehold of organised crime, a civil war could even break out," mayor Leoluca Orlando said.
"Sicily is the Greece of Italy," Mr Orlando, a member of the anti-corruption Italy of Values party and a staunch anti-Mafia champion, said. "Many businesses are shutting, families on low incomes can no longer pay their electricity bills," he said.
On Tuesday, Prime Minister Mario Monti expressed concern that the region ran the risk of bankruptcy.
In only my third post I identified this as a major risk to the global eonomy. Nearly a year ago, I wrote:"If you don’t start designing polices, like a fiscal stimulus, that will get the poor working again your system will become destabilized and may implode."
And we aren't even close to a bottom for Europe yet. The US will not be immune.
"Because of an explosive mix of despair felt by many families and the stranglehold of organised crime, a civil war could even break out," mayor Leoluca Orlando said.
"Sicily is the Greece of Italy," Mr Orlando, a member of the anti-corruption Italy of Values party and a staunch anti-Mafia champion, said. "Many businesses are shutting, families on low incomes can no longer pay their electricity bills," he said.
On Tuesday, Prime Minister Mario Monti expressed concern that the region ran the risk of bankruptcy.
In only my third post I identified this as a major risk to the global eonomy. Nearly a year ago, I wrote:"If you don’t start designing polices, like a fiscal stimulus, that will get the poor working again your system will become destabilized and may implode."
And we aren't even close to a bottom for Europe yet. The US will not be immune.
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