Paddy Hirsch likens Italy to a mountain climber who has been able to survive high altitudes and, therefore, may be less scared of the "Death Zone" than others. In 1993 the yield on Italy's ten-year bonds was nearly 13%, and the economy survived. So why are we concerned about the future of the Italy after rates went past 7% last week? Well, to carry out the metaphor, Italy is no longer climbing alone. Hirsch explains in this Marketplace Whiteboard:
The root of Italy's problems from Marketplace on Vimeo.
Posted
11-14-2011 8:10 AM
by
Graham Griffith