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Germany: local media, Italy worse than Greece

The only eurozone country where quality of life got worse

25 January, 16:56
(ANSA) - BERLIN, 25 JAN 25 - ''Italy is the bottom of the league in the eurozone, even worse than Greece'', the financial pages of the newspaper Die Welt say todays, in the article ''If the Greeks leave Italians behind''. And the economists of the investment banks think that after forthcoming elections, regardless of who wins, ''basic reforms will not be carried out''. ''Only radical reforms, just like those carried out in Greece, could change something'', according to Berlin-based daily.'' But things like that are not in the electoral program of any of the contenders for this general election''. ''Italy is the only eurozone country whose quality of life, since the entry into force of monetary union, got worse'', said analyst Timo Schwietering (Metzler Bank) ''Italy used to have an easy economic model'' said Daniel Hartmann, chief economist of the Bantleon Bank. ''When the situation reached a dead end, devalued lira came to the rescue, giving fuel to exports and reviving economy''. Since the entry into force of the union monetary this model no longer worked and now the country should either lower costs or raise productivity. Above all, an administration reform would be necessary, ''since services are insufficient and more expensive''. A permit of construction costs three times more than Germany, it takes 3 years to carry out a legal proceeding in Italy, in Germany 1 and a Germany. When Renzi ruled, Italy had all the conditions needed for carrying out reforms, but now this process could stop, according to Welt. (ANSA).

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