More changes....

Right at the last moment, Italy has given way to persuasion from its European partners and proposed what must be the fourth version of its budget in as many weeks. This time there is something to upset everyone: a wealth tax which Berlusconi initially refused to contemplate, a rise in VAT, which Tremonti the finance minister had previously rejected, and pension reform which Umberto Bossi, Berlusconi's main ally, said he would not tolerate.

So, that seems fair.

The problem is that all this uncertainty has painted a clear picture for investors of a government which hasn't a clue what it is doing.