The economic plight of Italy is dire as it approaches what could be a game-changing referendum on Sunday. It is nominally about parliamentary reform, but the electorate are more concerned with voicing disapproval on the current state of stagnation. [See previous post on Euro.] Since 2008, the US and the UK have seen output rise by 12pc and 8pc respectively, whereas Italy’s is down by 8pc. Even more crucially since 1999, when the euro got under way, Italy has managed to grow by less than 6pc, in comparison to 25pc in Germany and France and 40pc in the UK (outside the euro). Unemployment now stands at about 12pc of the workforce; with youth unemployment nearly 40pc, third worst in the EU below Spain and Greece (UK unemployment 4.9 pc overall with youth 13.7pc).
Italy needs a much lower exchange rate than their German neighbours, which of course is impossible within the currency union. With a boost to competitiveness of 20 to 30pc through a lower exchange rate, there would be a surge in net exports, higher economic growth and less employment.
The Italy 1861 12 am chart, hints at financial disappointment through 2017 with tr Neptune conjunct Venus; and a hugely frustrating tr Pluto trine Mars in the 6th house of work, causing anger. Tr Saturn will also square the MC, Mercury, Sun, Neptune on and off for most of 2017. 2016 will undoubtedly be seen as a year of the great rebellion with the Solar Arc Uranus opposing Pluto and in force for another few months. There’s also tr Uranus square the Sun/Moon midpoint which could indicate partnership splits. (as in the UK)
The other Italy chart, 2 July 1871 12.30pm, is relatively similar with tr Pluto trine the 8th house Pluto in 2017/18 exerting huge subterranean pressure for change. With tr Uranus conjunct the 7th house Neptune and square the 10th house Uranus from March onwards – so a radical change of direction and very high-tension relations with neighbours which could involve a split.
The Bank of Italy chart, 10 Aug 1893, is sagging badly through 2017/18 with tr Neptune square Pluto Neptune and opposition the financial Venus, so no quick n’ easy solutions.
What I meant is Germany , France and Italy are the big three Continental GDP’s. Spain is # 4 and has greater than 20% unemployment and if it had it’s own currency , it would depreciate against the Euro which would make it’s economy more competitive in relation to Germany and France. Any chance Spain will hold referendum?
Ditto for Spain at some point; when do you think that will happen? Spain had the Real estate boom prior to 2009 and it still has average unemployment rate of greater than 20%…I am amazed that a democracy can survive with unemployment that high…
Last time such high unemployment rates plus hyperinflation produced Hitler as leader of nazi Germany and huge problems in Southern Europe..