👉Italy Economic Report : A Shrinking Giant and European Powerhouse .
when people talk about the biggest economic problem in the EU, they always refer to Italy… but that’s because Italy matters more. Unlike Spain, Portugal, or Greece, Italy is one of the top 10 GDP countries in the world and – unfortunately – also has a rather large debt.
So, of course, if Italy crashes, it will have a much more negative impact than Greece crashing or a potential crash from Spain.
Italy has the fourth gold reserve in the world, the fourth highest reserve after Germany, the United States, and the International Monetary Fund and therefore it is the country that holds a third of the gold in the world; and the largest number of works of art in the world (which is priceless). Also the savings of Italians are more than double the public debt of the country (this without counting the value of the land and real estate properties held by 2/3 of the Italians). Italy is now the third European economic power, after Brexit. Most of the Italian public debt is domestic, so Italy is in little debt with other countries, and the majority of its debt is towards Italians, and therefore it has the freedom of maneuver that other countries don’t have. Moreover, the Italian public debt is in all European banks, and the public debt of almost all the countries of the world is also in Italian banks, this means that an Italian bankruptcy would lead to bankruptcy practically all of Europe and to a terrifying global economic crisis. To this, we must add that Italy is the shield and the mediator between Europe and Africa, and in this historic moment, no European country can be safe without the help of Italian law enforcement agencies. Italy is too rich and powerful to fail, and it is unthinkable to treat it like Greece, the repercussions in the world, especially in Europe, would be terrifying.
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Italy has a long history with many different cultural influences! And with the north being closer to what is now Austria, Switzerland, and France, these regions had an industrial influence on it, which shaped the industry and, therefore, the type of jobs found between the north and south.
This has led to the rise of certain stereotypes between the two regions.
For example, you might hear: “Northern Italians are snobbish and consider job, money, social opinion, branded clothes, shoes, and accessories, fine talks and prestigious companies, good restaurants and excellent wine” of most importance.
While about southern Italy, you might hear: “Southern compatriots are often referred to as Terroni. The term is used to underline the laziness and ignorance of Southern Italians.”
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