What if the Italian economy fails?
Aug 11th, 2011, 09:19 PM
#1
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What if the Italian economy fails?
Not really a tourism question is it? Yet we will be arriving in Italy in September and more and more people are talking about the economy collapsing. Apparently Greece would be manageable but Italy's could not be saved. So if we are there with our debit card money, what would be the likely effect? Civil disturbance, prices crashing,prices exploding,or...nothing much?
Aug 12th, 2011, 06:13 AM
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It would be very hard for a modern European economy like Italy's to disappear overnight. Italy is not Somalia. Life will go on, people will earn money and spend it. Meals will be cooked and eaten, restaurants will be open. Museums will allow visitors in.
Not sure what kind of apocalypse you are expecting?
Not sure what kind of apocalypse you are expecting?
Aug 12th, 2011, 06:35 AM
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" Apparently Greece would be manageable but Italy's could not be saved."
...is nonsense anyway.
Greece's problems are far worse than Italy's. The problem is that Italy is so much bigger than Greece that the implications for the rest of the world (including the US) are much greater.
It is, for example, perfectly conceivable Italy might have to leave the euro - and, with a more or less viable economy that doesn't have to depend on constant cash influxes from the rest of us, it'd devalue the New Lira, making it better able to compete on world markets (and cheaper to visit). It's also highly possible it'd default on its debts, leaving huge problems for banks everywhere.
Greece's problems can possibly be managed with trivial consequence for everyone else. Italy's might well be manageable only by all of us suffering.
...is nonsense anyway.
Greece's problems are far worse than Italy's. The problem is that Italy is so much bigger than Greece that the implications for the rest of the world (including the US) are much greater.
It is, for example, perfectly conceivable Italy might have to leave the euro - and, with a more or less viable economy that doesn't have to depend on constant cash influxes from the rest of us, it'd devalue the New Lira, making it better able to compete on world markets (and cheaper to visit). It's also highly possible it'd default on its debts, leaving huge problems for banks everywhere.
Greece's problems can possibly be managed with trivial consequence for everyone else. Italy's might well be manageable only by all of us suffering.
Aug 12th, 2011, 10:17 AM
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Hi T,
>what would be the likely effect?
Riots in the streets.
Terrorist bombings.
Police and military crackdowns.
Martial law.
Cities on fire.
Gangs of roaming hoodlums in the countryside.
OR
It being Italy, you won't even notice.
>what would be the likely effect?
Riots in the streets.
Terrorist bombings.
Police and military crackdowns.
Martial law.
Cities on fire.
Gangs of roaming hoodlums in the countryside.
OR
It being Italy, you won't even notice.
Aug 12th, 2011, 10:47 AM
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Italy will not disappear. The only thing you will notice is the relative weakness or strength of the Dollar vs the Euro and given the problems in America the dollar may be the weaker of the two (as it is now)
Aug 12th, 2011, 01:23 PM
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"While stands the Coliseum, Rome shall stand;
When falls the Coliseum, Rome shall fall;
And when Rome falls - the World." (Lord Byron)
Not to worry, one third of the Colosseum still remains
. Regards, Walter
When falls the Coliseum, Rome shall fall;
And when Rome falls - the World." (Lord Byron)
Not to worry, one third of the Colosseum still remains
. Regards, Walter
Aug 12th, 2011, 01:52 PM
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Tommmo,
I think you've asked a very good question in a place where you won't be taken seriously, but I applaud you for asking serious questions, and hope you know enough interpret what lies behind mockery when you do.
Serious people who know a great deal about these issues can be found on the Roubani economics project, in particular Edward Hugh.
http://www.economonitor.com/blog/author/ehugh3/
I think you've asked a very good question in a place where you won't be taken seriously, but I applaud you for asking serious questions, and hope you know enough interpret what lies behind mockery when you do.
Serious people who know a great deal about these issues can be found on the Roubani economics project, in particular Edward Hugh.
http://www.economonitor.com/blog/author/ehugh3/
Aug 12th, 2011, 01:58 PM
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And this is worth reading:
http://blogs.reuters.com/great-debat...fend-the-euro/
What happens during Great Depressions is usually not pleasant, and often leads to global war, not just sporadic riots. But what is driving the present crisis in financial markets is precisely the total unpredicatably of what will now happen next, anywhere.
http://blogs.reuters.com/great-debat...fend-the-euro/
What happens during Great Depressions is usually not pleasant, and often leads to global war, not just sporadic riots. But what is driving the present crisis in financial markets is precisely the total unpredicatably of what will now happen next, anywhere.
Aug 12th, 2011, 02:03 PM
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I do understand your concern. The second time we went to Italy was right after America invaded Iraq. I was very nervous about protests, marches, Americans being threatened while overseas and airline travel.
What I found was that it was all no problem, and even if some people where irritated that America had invaded Iraq, they love good Americans.
However, Some of the people who answered my thread were not such good Americans and bawled me out for my worries.
What I found was that it was all no problem, and even if some people where irritated that America had invaded Iraq, they love good Americans.
However, Some of the people who answered my thread were not such good Americans and bawled me out for my worries.
Aug 12th, 2011, 05:08 PM
#16
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We're Aussies and beloved by all! But I could see the possibilities of riots, Greek style if austerities are imposed.
Also strikes seemed a possibility - that's why I'm sounding out the savvy travellers here. An experience in Morocco during the Six Day War was interesting, as was the stopping of all foreign currency exchange in Turkey during a devaluation.
We'll be in Italy in less than a month , so try and hold it together guys....
Also strikes seemed a possibility - that's why I'm sounding out the savvy travellers here. An experience in Morocco during the Six Day War was interesting, as was the stopping of all foreign currency exchange in Turkey during a devaluation.
We'll be in Italy in less than a month , so try and hold it together guys....
