The phrase “I hate to say I told you so” is annoyingly insincere. Normally, there is nothing people love more than saying, “I told you so.” So I will simply admit to mixed feelings in pointing out, that I wrote a column three months ago, suggesting that Italy would be sucked into the euro crisis. There were two crucial facts that led me to that conclusion. First, Italy’s debt-to-GDP ratio at 120% was already higher than that of Greece, Portugal and Ireland, at the point where they were forced to apply for help. Second, Italy’s financial position was only sustainable in a climate of very low interest-rates. And that would not last forever. Read more
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