How much is your house worth? Six hundred thousand euros. Very good: to halve the Italian public debt, resign yourself to paying 120 euros in property tax. Ditto for the savings you have in the bank.
It is evident that it is a provocation which, if carried out, would have tragic results and would unleash social revolt but the leading economist of the Bundesbank, Karsten Wendorff really put it in black and white proposing a plan that envisages that Italy introduces a 20% equity capital on the net wealth (movable and real estate of Italians) to halve the public debt without weighing on other European countries.
According to Isabella Bufacchi, correspondent for the Sole 24 Ore from Frankfurt, the Bundesbank economist proposes, albeit in a personal capacity, to create an all-Italian "state-saving" fund, fed by special solidarity government bonds forcibly subscribed by savers to the extent of 20% of their net worth.
In this way, according to Wendorff, that it is inspired by the famous Plan B of the minister Paolo Savona, Italy could halve its huge public debt that weighs down the economy and puts its solvency at risk
It is clear that the Bundesbank economist's provocation is outright, albeit well argued, but it is symptomatic of the current situation. In two senses. Both of the growing aversion that Germany has towards an Italy which, with the budget maneuver of the Lega-CinqueStelle government, promises to continue to spend and spend in violation of all European rules and also jeopardizing the stability of the other countries of the Eurozone. Both in the sense of the growing risk that the Conte Government's ongoing clash with the EU and with the markets will lead to Italy's default and the recourse, at that point truly inevitable even if with a rate lower than 20%, of a capital with the obligation subscription of government bonds and debt consolidation, as noted by the economist Filippo Cavazzuti in a recent intervention on FIRSTonline.
Let's hope that doesn't happen, but if the blow of a property really falls on us, Italians would know who to thank of the economic disaster of the Government, even if perhaps they should have opened their eyes earlier. Much earlier.
The classic reasoning of a drunk Kraut!