Italy's economy plunges into recession

[UpInArms]

http://www.businessweek.com/ap/financialnews/D8A1OU880.htm?campaign_id=apn_home_down

MAY. 12 1:15 P.M. ET Italy's struggling economy plunged into recession in the first quarter, according to figures released Thursday as Prime Minister Silvio Berlusconi's government won final approval for measures aimed at making the country's companies more competitive.

Preliminary data from national statistics office Istat said gross domestic product in the euro zone's third-largest economy shrank 0.5 percent in the first quarter of 2005 -- against a forecast for 0.3 percent growth. It was the worst showing since the final quarter of 1998.

Istat said the figures reflected worsening performances in industry and agriculture.

<snip>

In characteristic style, the media mogul-turned-prime minister tried to brush off Thursday's data with a joke. "In March there were the Easter holidays. One can't go to the beach and pretend that the GDP is growing," he was quoted as saying by news agency ANSA.

...more...

[Brooklyn Michael]

1. Berlusconi: "What do you mean? What recession?"

...."The Italian economy is just fine. There is no recession. Why do you hate Italy?"

[rainy]

2. Does it seem that international corporations are in a huge battle to

control markets (the world)? They will be fighting over resources the world over and the most powerful corporations (American) will win. I'm thinking that this is the real reason we are fighting for the oil in the Middle East. Our politicians are controlled by the Corporations. Our government wants to get the cheapest price on all resources, labor, oil, water etc.. we are competing with other global corporations. What are some of your thoughts on this?

[UpInArms]

3. I'm thinking it has very little to do with

any country's "government" - but very much to do with each country's rule or rulers.

We have a very small number of ruling elite versus what is actually best for the citizens of each country.

Our country's citizens are certainly not be represented by their government - imho - nor is Italy's citizenry being represented by theirs.

The Iraqis are a piece of meat that the dogs are fighting over - and the military is just a tool to be used up, worn out and kicked after it's broken.

The profligate manner in which all of this is occurring should point one in the direction of where the money is actually flowing - and then you have to examine the ones that hold the banknotes and most of the cards.

It would seem like a race to the bottom - where there are no human rights, no respect for the earth that we inhabit and a complete disregard for the future.

[rhett o rick]

4. What is the definition of

Most major corporations in America are multi-national. They do control our government but they have no allegiance to the American people.

[NNN0LHI]

5. Guess the tax cuts for the wealthy didn't work there either? n/t

[David__77]

6. They need to overthrow the new Duce.

I really hope Italy regains its collective sanity and removes this fascist government.

[Fab1969]

7. Re-gains?

My fellow Italian have never had much sanity when it comes to politics. Electing the Democratic Christians from 1946 until they collapsed and now berlusca and his fascist friends is the evidence.