Thursday, September 12, 2013

An Explanation for Hollande's Timidity?

It is often said that François Mitterrand was afflicted with Allende Syndrome: he feared that the US would somehow contrive to remove him from power if he became too independent. Perhaps François Hollande is suffering from Berlusconi Syndrome. It seems that, according to former ECB executive council member Lorenzo Bini-Smaghi, Berlusconi was removed from power because the Troika insisted on it:
Ex-ECB insider Lorenzo Bini-Smaghi has quietly dropped a few bombshells in his new book Morire di Austerita(Dying of Austerity), worth a read if you know Italian.
Mr Bini-Smaghi – until recently on the ECB's six-man executive council, and for many years Italy's man in Frankfurt – states that Silvio Berlusconi was toppled as Italian premier in November 2011 as soon as he began to rattle the EMU cage in earnest.
(h/t Glyn Morgan)

1 comment:

George Ross said...

No secret at all. But, Bini-Smaghi's version is only partially true. It was less the Troika who booted out the great buffoon Silvio than Merkozy themselves.