Italy... or South Africa?

Who cares... it's all the same.

Being neither an economist nor an expert in the financial markets*, its rather bizarre to watch how Italy seems to have plunged the financial world into madness. Literally. I imagined Berlusconi's resignation might provide some relief to Italy's crisis but alas. It seems the immediate relief is only to the millions of Italians who have been mortified and angered time and time again by their scandalous leader's blatant disregard for the laws of the land and for the moral esteem constituents would like to hold a leader up to. It appears that, for now, B's resignation will do nothing to soothe the jittery investors who will continue to flee as the country enters into a period of political (and thus fiscal policy) uncertainty till after the logical move toward new elections.

One of the headlines in the UK Telegraph today:

Italy's debt crisis: doomed by corruption, bloated bureaucracy and poor productivity

With indices like:

...Of the world’s top 200 universities, only one is Italian – Bologna University in the north, one of the oldest in Europe...

...Italy also performs poorly in global rankings of transparency and competitiveness...

...Italy’s National Statistics Agency has estimated that the “black” economy makes up at least 16 per cent of GDP...

...Tax evasion is almost a national sport. Italians resent paying high taxes when they feel they get little in return – streets are potholed, hospitals are overcrowded, playgrounds for children are often smashed up and covered in graffiti and public transport is frequently shabby and outdated.

...And they have been set a terrible example – among the plethora of accusations that Mr Berlusconi has faced in his many trials are those of tax fraud and false accounting...

...The unemployment rate for young people between the ages of 15 and 24 is close to 30 per cent...

...Seeing no prospects at home, young Italians are leaving in droves to seek better opportunities in Britain, the US, Australia and the Gulf, in an accelerating brain drain that will deprive the country of much-needed entrepreneurial talent...

I couldn't help drawing parallels. Just a couple of name changes here and there and one could be reading from the pages of a report on South Africa. I love Italy and harbor dreams of one day being made an honorary citizen of Roma. I wonder if I can use my South African experience to motivate for how I will feel right at home as an Italian.

*Being neither an economist nor expert in financial markets also means I do not engage financial news with anything more than lay-interest (except where implications on my passions - education and unemployment - are direct). I prefer to wait for [Himself] to explain the financial news and all its inaccessible jargon to me in simple English over a leisurely Sunday morning breakfast. Financial crises are best understood this way I find.