Tag: Mario Monti

The Milan-Sicily axis is part of the Italian opera

Monday, 23 July, 2012

From the theatre of the absurd that Italy has become, there’s this snippet from the weekend: “Sicily has now been dubbed ‘Italy’s Greece’, an island awash with misspent EU funds, state jobs traded for votes and a €5bn debt pile that some fear could push Italy’s delicate economy into the abyss. Union and business leaders last week implored the Italian prime minister, Mario Monti, to take control of Sicily’s disastrous local finances and, after credit rating agency Moody’s downgraded the island, Monti himself warned Sicily could default.” Fears over Sicily’s future as euro flow stops and bankruptcy looms.

Meanwhile, up in Milan they’re got different money woes. Some of these concern Stéphane Lissner, the General Manager and Artistic Director of the La Scala opera house. Lissner has been on the job since 2005 and he earns a basic salary of €449,000 a year, which, through bonuses and pension top ups, comes to a magnificent €800,000 annually. With La Scala in the red to the tune of €4.5 million and the country toying with financial breakdown, Lissner’s take home pay has struck some people as being a bit rich so he’s agreed to take a 10 percent cut in salary and 20 percent in bonus payments. Painful, of course, but he’ll manage, somehow. Both of these colourful stories should be noted, however, by those who might be pressed into bailing Italy out some day. Unwise.

Meanwhile, Spain is falling off the euro cliff.

The EU Fab Four sings the blues

Tuesday, 26 June, 2012

Walter Russell Mead: “The ‘Fab Four’ (Spain’s Mariano Rajoy, France’s Francois Hollande, Germany’s Angela Merkel and Italy’s Mario Monti) reaffirmed a pre-existing agreement to make some mostly symbolic adjustments to European policy, whomping up an air souffle that the Club Med countries plus France can claim is a “growth” package, but it is mostly made […]

Continue Reading »

Missing Berlusconi already

Thursday, 17 May, 2012

At the end of March, the leftist Italian newspaper, Il Riformista, ceased publication. The reasons offered were declining sales, lack of advertising revenue and the reduction of public funding. In the case of Il Riformista, that public funding amounted to a massive €10 million over the past three years. How could that be possible? Well, […]

Continue Reading »