Italy is facing a "very complex" moment. But Italy has a different economic structure from Spain. This was underlined by the president of Confindustria, Giorgio Squinzi, on the sidelines of the business award for innovation.
Squinzi explained how the situation “is very complex. What I have been saying for some time is that we must go more decisively towards a United States of Europe. Even Germany cannot think of surviving the dissolution of the euro or of Europe on its own”.
As for the hypothesis that Italy too may have to ask for aid like Spain, Squinzi explained: “I think Italy is much stronger than Spain as a country. We are much more competitive, much stronger and moreover, unlike Spain, we don't have the explosion of the real estate bubble, the situation between Italy and Spain is a bit different”. Among his major concerns, however, the president of Confindustria emphasizes the attack of international speculation "against Europe and against Italy". For this reason, according to Squinzi, such a high spread arises precisely from the "lack of incisive measures on the part of Europe and may have its own logic".
"Unfortunately, further job cuts are possible but we need to find the ability to react,” he also said George Squinzi. “We are facing – he added – a very difficult moment with a direct impact on the real economy and on employment. Unfortunately further reductions in employment could be possible but let us hope to find the ability to react and stop this haemorrhage”.
