February 2, 2012

Can Italy Change?

Tim Parks, New York Review of Books

AP Photo

What would it mean for a country to change, profoundly? What real news would we get of that and how would it feel to its citizens? Would it necessarily be a good thing? A few months ago, when the Greek crisis made it clear that being a member of the Eurozone did not mean having access to unlimited credit on equal terms with countries like Germany and France, Italy was suddenly in trouble. Snoozing for years in a debt-funded decadence, all at once the country found lenders demanding unsustainable interest rates, as if this were some shaky third-world economy trying borrow in a foreign currency. Very soon something would have to give. The consequent change of government and drastic budgetary measures have been described well enough in any number of newspapers. What interests me more than...

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