Italy

Sunday

Daniel Korski

Crisis a la Milanese

If Italy’s a country on the brink, it doesn’t show it. At least not in Milan. Along the city’s rainswept streets, thousand of designer-clad people hit the shops this weekend, unperturbed at the prospect of the government’s likely collapse and the risk of a financial meltdown. At a small deli called Pack overpriced but delicious pieces of Bresaola and Parmegiano are sold in green-and-gold Harrods-like wrapping. La Rinascente, the city’s upmarket department store, is packed with high-rolling shoppers and the nightclub under the main Armani store is heaving with models and their male accoutrements. Here life remains dolce. Of course Milan is not Italy – it is the country’s commercial

Saturday

James Forsyth

Papandreou wins no confidence vote, but appears set to stand down

The political situation in Greece remains unclear this morning. George Papandreou’s government survived last night’s confidence vote. But the main opposition party has rejected the idea of a national government and Papandreou’s finance minister appears to be maneuvering to replace him. Papandreou’s victory in the no confidence vote means that there probably won’t be elections in Greece this year. But the huge difficulties involved in implementing the austerity plan remain. The measures continue to command little public support and the opposition will continue to criticise them. The debt deal proposals will also have to win parliamentary approval at some point soon and the French and the Germans are, The Independent

Wednesday

Clarissa Tan

Italian comic opera

Politics is serious business, especially when the world’s economy is at stake, but so much of what’s going on in the eurozone now – especially in Italy – resembles opera buffa. Today in Rome, amid rumours that Berlusconi would throw in the towel in January (but not because of bunga bunga, because of bungling over economic reform), a few deputies in parliament came to blows.   The fisticuffs was over that hotly contended if not-very-sexy issue – the retirement age. At least two members of the Northern League, a key party of Berlusconi’s coalition, fought with members from the opposition FLI. ‘Two deputies grabbed each other by the throat as

Sunday

David Blackburn

Leadership at last?

Most of today’s papers carry reports of a deal to relieve the European sovereign debt crisis. The details are varied, but it seems that 50 per cent of Greek debt will written off and the currency will be allowed to remain within the single currency. This means that banks that are exposed to Greek debt will incur potentially ruinous losses. The EFSF mechanism will probably be extended to cover those losses and guard against contagion. Estimates vary, but it seems the fund will have to increase to somewhere around 2 trillion euros if the mounting crises in Italy and Spain are to be contained. Britain’s exposure remains unclear at this

Tuesday

David Blackburn

Italy in the firing line

Markets sank into negative territory this morning, following Standand&Poor’s downgrade of Italy’s credit rating. (Although they have since recovered.) The agency cut Italy’s rating from A+/A-1+ to A/A-1; it also kept its outlook as negative. The agency’s reasoning is hardly surprising: growth is negligible, debt is unsustainable and Silvio Berlusconi’s inert government appears incapable of arresting the crisis. Frail economics and supine politics, those twinned threats to prosperity, have struck again. The implications to the Eurozone, and the world economy, are obvious. An economist in Nomura’s Sydney office told Reuters, “It only adds to the contagion risk over Greece and has encouraged the flight to safety in markets here.” Over

Thursday

Daniel Korski

Eurosis

Most of Europe takes all of August off for summer. Paris is empty, Brussels eerie and nobody works in Madrid. But as politicians and officials come back from their holidays, they are finding that the problems of the euro have not gone away. Quite the contrary. No less a supporter than former EU Commission president Jacques Delors believes that the European currency is still “on the edge of the precipice”. It is easy to see why the European grandee feels as he does. The euro eased against the dollar today, taking a cue from lower stocks; the euro was down 0.6 per cent. The losses came on top of data

Monday

David Blackburn

Merkel’s hard game

As James noted earlier, Angela Merkel’s response to the Eurozone crisis is hampered by the awkward arithmetic in the Bundestag. Merkel has been faced with these difficulties throughout the crisis. Her answer has been to oppose initial proposals to solve the Eurozone crisis, only to relent later in the day. This has been the pattern from the first Greek bailout to the expansion of the EFSF, which is currently before the Bundestag. Might her apparently determined opposition to Eurobonds (which, of course, would require a huge transfer of power and cash from Berlin to the Med and Brussels) go the same way? Wolfgang Münchau has a comprehensive piece on the

Saturday

Alexander Chancellor

The scandal that inspired La Dolce Vita

At about 5.15 p.m. on 9 April 1953, Wilma Montesi, a 21-year-old woman of no account, leaves the three-room apartment in a northern suburb of Rome that she shares with her father, a carpenter, and five other members of the family and never returns. Thirty-six hours later her body is found by the edge of the sea at Torvaianica, a fishing village close to the capital. She is lying face down in the sand, wearing all her clothes apart from her shoes, her skirt, her stockings and her suspender belt, all of which are missing. She appears to have drowned. But why? Was it an accident? Was it suicide? Or

Tuesday

David Blackburn

Euro crisis enters a new phase

It was a problem that would be fixed with a snap of the Commissioners’ manicured fingers, but now fresh euro-storms are louring in the near distance. As predicted over the weekend, the markets reacted to the European Banking Authority’s deeply flawed stress tests with fevered concern and a clear note of contempt. The FTSE shed 90 points yesterday, with banks among the day’s biggest losers. The performance in Frankfurt and Paris was equally baleful, as investors fled for safe commodity stocks. As Fraser has noted, Allister Heath argues that the Eurozone crisis is responsible for the booming price of gold. The markets have recovered slightly this morning; but that does

Saturday

Lee Langley

Wool of bat and lizard leg

When Julia Blackburn and her Dutch husband Herman move into an old village house perched on a cliff high above the Italian Ligurian Riviera they become part of a dwindling community in a landscape of forests and deserted villages with roofless ruins almost swallowed up by the riotous undergrowth. Seven hundred peasants once occupied this mountainous terrain, scraping a pitiful living; shepherds, chestnut farmers, cheese-makers — mezzadri, ‘half-people’, handing over half of everything, down to their last kilo of olives, to the padrone who was virtually their feudal lord; also sharing, when required, their women. They got by on a diet mainly of chestnuts — eaten raw, boiled, roasted, ground

Tuesday

Daniel Korski

The euro’s death rattle

The end might be nigh for the euro. The currency has hit an all-time low against the Swiss franc, as individual eurozone government bond yields vaulted higher due to mounting concerns about the region’s debt crisis. To spell out what this means: in Spain, 12 billion euros of interest payments will accrue for every 100 point bond rise in Germany. That is more than Spain’s annual public investment in infrastructure (8.6 billion) and its entire defence budget (7.6 billion). At the same time, Greece is heading towards disorderly default or some form of devaluation. Or both. And now Italy looks vulnerable. Well, I say that the end is nigh but,

Saturday

Jane Brown

Bella vistas

Many moons ago when I went to Sissinghurst to ask Nigel Nicolson (late of this parish) if I could write about his mother, Vita Sackville-West, he raised his hands, and eyebrows, in horror, ‘Oh! Not another book about my mother!’ These two titles on Italian gardens may provoke a similar reaction, for there has been a recent run of revisiting via Charles Latham’s vintage Country Life photographs, Edith Wharton’s Edwardian musings and Georgina Masson’s 1961 classic, now revived. Many moons ago when I went to Sissinghurst to ask Nigel Nicolson (late of this parish) if I could write about his mother, Vita Sackville-West, he raised his hands, and eyebrows, in

Wednesday

Alex Massie

Wouter Weylandt’s Cortege

There was no racing in the Giro d’Italia yesterday. Instead the peloton rode at a funereal pace to honour Wouter Weylandt, the Belgian sprinter killed in a crash on Monday. Then Weylandt’s Leopard-Trek team-mates came to the front to lead the field into Leghorn. With them was Garmin-Cervelo’s Tyler Farrar, Weylandt’s best friend in the peloton. Watch from the 25 minute mark if you like: Dignified. Emotional. Perfect. And something you never want to see again. As I said on Monday, however, it’s amazing how rare these deaths are (and Weylandt, the pathologist reported, almost certainly died instantly). By my back-of-an-envelope calculations* the peloton completes about a million miles of

Monday

Alex Massie

Wouter Weylandt, 1984-2011

I was all set to write a post complaining that, as usual, the Anglophone press never pays enough attention* to the Giro d’Italia but for the saddest of all possible reasons, that won’t be the case tomorrow. Wouter Weylandt, pictured above winning the third stage of last year’s Giro, died this afternoon after crashing on a descent some 20km from the finish of today’s stage in Rapallo. CPR and atrophine injections and the arrival of an air ambulance weren’t enough to save the young Belgian. A race designed to celebrate the 150th anniversary of Italy’s road to unification will now be remembered for something else. Weylandt is the fourth rider

Saturday

Charlotte Metcalf

Heavenly simplicity

Borgo Egnazia in Puglia opened last year and immediately gained a reputation as one of Europe’s most spectacular holiday resorts, not least thanks to its cookery school under the tutelage of the resort’s executive chef, Mario Musoni. Until recently Musoni had his own Michelin-starred restaurant outside Milan. When I asked why he didn’t seem unhappy to be uprooted from his hometown relatively late in life, he grinned and replied: ‘This is where the best food is. Milan’s vegetables come from down here. Puglia is the garden of Italy.’ Indeed, Borgo Egnazia is surrounded by orchards, olive groves and vegetables thrusting up from rich soil. There is also a daily supply

Hattie Ellis

Keeping it real | 9 April 2011

Italian food is about simplicity and seasonality, and in Sicily spring brings the fragrant lemon harvest – eagerly awaited in one corner of Devon. Hattie Ellis takes a trip to the mother country with a pioneer of real lemonade Do you remember when lemonade used to be just that harshly fizzy clear stuff you bought in big plastic bottles? Now you can find a fragrant, sweetly-sharp drink that’s the soft yellow of a summer’s evening. Often called Sicilian lemonade, it is similar to what you’d make at home. Add a slosh of gin, vodka or rum and it’s something else again. One of the best Sicilian lemonades is made by

Monday

Peter Hoskin

The rebels press on in Libya, but questions remain

As Nato takes full military responsibility in Libya, the rebels surge onwards in the direction of Tripoli. According to one of the group’s spokesmen, Gaddafi’s hometown of Sirte — some 280 miles east of the capital — fell to their attacks last night; although there are reports, still, of explosions there this morning. In any case, the tidal shift that took hold at the beginning of the weekend is continuing. The rebels are now seizing ground, rather than ceding it. All this is, if not vindication for the Western leaders who pressed for a no-fly zone, then at least encouragement. It suggests that the one-two combination of Nato air support

Sunday

Daniel Korski

The coming war with Libya

If the West is not ready to intervene decisively against Colonel Ghadaffi, it needs to get ready for a post-revolutionary Libya, where the dictator and his bloodthirsty family seek revenge on pro-democracy activists and countries like Britain. Think of Ghadaffi’s previous record: the Lockerbie bombing, targeted assassinations like in the 1970s, and attacks on US soldiers in Germany. Libya could in future represent a threat to Britain akin to al Qaeda. So, the British government needs to think how it will deal with Ghadaffi MK II. Its policy should draw on past examples of containment and isolation. Libya’s neighbours will have to be incentivised to bolster European – and especially Italian

Saturday

Barry Unsworth

A reluctant country

The unification of Italy 150 years ago was a terrible mistake, according to David Gilmour, imposing a national state on a diverse collection of people with little sense of patria. But Barry Unsworth thinks it’s too early to cry failure David Gilmour begins his pursuit of this most elusive of quarries where all such pursuits should begin: with a close look at the physical features of the country, which have from the remotest times determined the pattern of its history, the repeated waves of invasion and settlement. Few countries have been more vulnerable. The coastline is enormously long, impossible to guard effectively; the northern rampart of the Alps has never

Tuesday

Daniel Korski

Across Europe, students are protesting against the end of their entitlements

A month ago I found myself in the space of one week in two different countries, yet in the midsts of what felt like the same phenomenon: the political awakening of a new generation. In both London and Rome, students took to the streets to protest against government policies in numbers and in ways that those who graduated just a few years before would have found anachronistic, odd even. Unsurprisingly, given the historical, political and even emotional differences between Britain and Italy, there were differences between the protests. But as I walked the packed streets, listened to the protests, read their slogans, I heard similar arguments – particularly about the