...per la serie fanno parlare proprio tutti vi allego quanto dichiarato a Bloomberg dall'economista capo di HSBC Holding (teoricamente mica pizza e fichi) a proposito dell'Italia che essendo troppo grossa per essere salvata potrebbe essere "spacchettata" in realtà più piccole
By Scott Hamilton Nov. 10 -- Italy may have to break up if the country proves too big to be bailed out, according to Stephen King, chief economist at HSBC Holdings Plc. “It is presumably time to announce the dissolution of the Italian State,” King said in a note dated yesterday, citing the argument that banks too big to save should be broken up to reduce the risk to taxpayers. “With yields on Italian government debt rising above 7 percent, it wouldn’t require a giant imaginative leap to declare that Italy was bust and/or Italy was too big to save.” Italian 10-year yields yesterday breached the 7 percent level that locked Greece, Portugal and Ireland out of the capital markets and forced them to seek aid. With debt of 1.9 trillion euros ($2.6 trillion), Italy has borrowings more than those three countries combined, increasing the risks to the entire 17-nation currency region. “Perhaps we need to see the return of the Kingdom of Piedmont-Sardinia, the Papal States and the Kingdom of the Two Sicilies,” King said. “We have entered a ‘twilight zone,’ where bailouts are almost impossible to avoid yet seemingly impossible to afford.” He said the only way to stabilize the crisis is for the European Central Bank to expand its balance sheet, “become the lender of last resort on a much larger scale and, when required, print money.”