17 July, 2012


There is talk that Sicily is likely to default on its debts, and that Prime Minister Monti has written to the Governor who, confusingly, is called Lombardo, asking him to resign. Well, that should pay it all off, eh Mario?

So what is this? If the debt had been guaranteed by the Italian State it would be included in the national debt figures (which are high enough as it is, at a smidgen under €2 trillion). No, these are debts incurred by Sicily on its own. People, companies, have lent money to Sicily, expecting to get it back. How much is it? I bet we don't know to within 50%.

One forex magazine simply said 'Who collects a Sicilian debt?'

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