November 8, 2011
With political turmoil still plaguing Greece and descending upon the much larger economy of Italy, the fate of the euro and market stability worldwide hinged Tuesday on whether two of Europe’s most tangled and unresponsive political cultures could deal with their tightening fiscal gridlock.
The prospect of a new transitional, technocratic government in Greece, and new pressure on Silvio Berlusconi to resign after a parliamentary vote on Tuesday, did little to reassure investors that either country was prepared to grapple with the deep structural changes that investors are demanding to restore growth and reduce deficits.
In both places, it is not only the economy that is on trial, but also the ability of democratic government to make highly unpopular choices.
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