• Sprott Money
    05/06/2016 - 06:03
    The US, in its own decline, is showing this same self-destructive tendency. The worse things get, the greater the inclination of the citizenry to say, “Carry on, everything’s fine.”

Italy's Version Of Austerity: 3 Months Of Vacation

Tyler Durden's picture


The French were willing to 'slash' retirement ages by a few days as the Greeks tied property tax payments to electricity supply in an effort to raise revenues but it seems the much-talked about austerity that is such a great hardship for Europe's non-German/Fins/Dutch is missing in action. Today we hear of the progress in Italy as la Republica explains the incredible provocation of the under-secretary of the economy Gianfranco Polillo that: "We are in a country where you work an average of nine months each year, and I think that now we must think that these nine months of work are too short," suggesting - shock, horror - that "if we gave up one week of vacation, we would have an immediate impact on GDP of around 1%". First of all - adding 1% from an additional week seems a 'stretch' but nevertheless as Wirtschaftsfacts notes that these comments only "reinforce the prejudices in the northern countries of the euro zone, that many employees are in the southerners lazy and workshy." So the next time we hear Monto proclaiming the need for Zee Germans to step up or the ECB to monetize, it is clear now what exactly he is protecting - his all-year tan!

Polillo explains his country's hardship:

"We are living beyond our means because we have a current account deficit of balance of payments which is about 3 points of GDP, a fact often overlooked. This means that we each year to support our domestic consumption we need loans abroad in recent years amounted to 50 billion euros. So if we do not close this gap we can not continue to use foreign borrowing to support consumption. " "This gap - he added - and we can fill in two ways: by reducing domestic demand and would be unacceptable if we want to destroy the country or by increasing the productive potential of the country."

Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 07/09/2012 - 09:28 | 2598422 zilverreiger
zilverreiger's picture


go work yourself if you like it so much, stop forcing your stupid work ethic on us

Mon, 07/09/2012 - 09:32 | 2598431 LULZBank
LULZBank's picture

In the North, the weather is shit, food is crap, women are cold, they have no friends... so obviously working "hard" is the only escape they can have.

Saves the fuel bill at home too.

Jackdaw lost its tail and started advocating its a quality.

Mon, 07/09/2012 - 09:33 | 2598442 zilverreiger
zilverreiger's picture

I'm from the north, and I do believe you have to pay for your free time yourself, But the idiots are working much too hard in the US and UK and Germany , and they only buy fucking junk with it, spend it on free time you slaves.

Mon, 07/09/2012 - 09:40 | 2598465 Manthong
Manthong's picture

Just a teeny problem with that line of thinking..

As 30% of the Italian workforce “works” for the government, the longer they are at work, the more ways they find to spend and waste money.

Mon, 07/09/2012 - 09:52 | 2598500 Max Hunter
Max Hunter's picture

It's more than that.. While I agree that our lives revolve around work and blind comsuption, you can't have the blind consumption and expect those that work to pay for it.. Well, southern Europe can't.. The US and UK can.. for now..

Mon, 07/09/2012 - 09:55 | 2598510 theMAXILOPEZpsycho
theMAXILOPEZpsycho's picture

I'm afraid Finns, Germans, Austrians and the dutch are just going to have to suck it up. France Italy and Spain are beautiful countries - and is it a coincidence that the more beautiful the country the more progressive and liberal the politicians? Thats what attracts millions of tourists every year and flourishing economies - the inconvenient truth (for libertarians) is that no one wants to visit somewhere where raw capitalism has ruined the landscape, has worked the people to ill health and death. No they want to go somewhere where the people ENJOY life in a fair and just society with equality for all.

Mon, 07/09/2012 - 10:21 | 2598569 risk-reward
risk-reward's picture

" in a fair and just society with equality for all."  Just where might THAT be?

Mon, 07/09/2012 - 16:13 | 2599788 smiler03
smiler03's picture

All you suckers below are still falling for this troll who's favourite hobbies are prostitutes and whore houses.

Here is a selection of his posts before he started to (self confessed) immitate MDB.


Mon, 07/09/2012 - 10:29 | 2598583 financial apoca...
financial apocalyptic contagion's picture

thats the dumbest comment iv seen all this week

fair for the 1% you mean

Mon, 07/09/2012 - 10:29 | 2598585 FeralSerf
FeralSerf's picture

". . . no one wants to visit somewhere where raw capitalism has ruined the landscape. . ."

Like Marbella for example?

The elephants in the room that nobody wants to see are the financial "services" industry (read Goldman Sachs, et al) has stolen all the cash they could and now there's none left to pay down debt, and there are no productive jobs available.  More positions in government and paper shuffling do not improve the situation, but not unlike America, those are the jobs that are being created.

If one had a lot of debt, but kept a large stash of cash available to service that debt when it came due, the debt would be manageable.  However if a thief stole all of that cash that was in reserve, there would be a solvency problem.   That is a large part of the problem in the Mediterranean south.  The thieves, having to a large extent, run out of places in the South to steal from are now moving north into Germany.  They need to get more creative to swindle those tight-fisted, well-armed Finns though.

Mon, 07/09/2012 - 10:32 | 2598595 i-dog
i-dog's picture


"in a fair and just society with equality for all"

... living from debts racked up with those who are working elsewhere (not only in the North, but also in the resource and 'stuff' exporting countries).

The Mediterraneans are nothing but a bunch of beach bums living off rich uncles! (Same thing with the Americans).

Mon, 07/09/2012 - 10:42 | 2598624 mick_richfield
mick_richfield's picture

Such love people.

Such lovely countries.

What price did the Eloi pay to the Morlocks?

Mon, 07/09/2012 - 13:32 | 2599100 ACP
ACP's picture

Suck it up? It's capitalist economies that are supporting the socialist economies, or else their countries would be in ruins. That includes the environment.

How about the socialist economies sucking it up and PAYING FOR THEIR SHIT THEMSELVES.

Fri, 08/31/2012 - 11:26 | 2752792 billsykes
billsykes's picture

Lazy indeed, here is the interesting thing, the Italians have a culture of small business and they make stuff in factories, just look at all the car, bike truck companies, textiles, leather, pharma, steel factories.  (compare to a country like Canada at 33m, has nothing by way of making anything, just a suck it and pipe it economy(O&G))

For 60m people with a GDP of 36k per person, its again the government holding back the people.  Its not a cakewalk to do business, its mind numbingly frustrating- but you can hire someone to take care of those ongoing issues.

So really, a 19k hit (pretax) from a 55k NA gdp to get beautiful women, vibrant culture, incredible food and climate, that actually  make stuff and are known around the world for many things......

Where does that 19k go?  paying  interest on your shitty spec home, ya the one with the cream vinyl siding, the 4 yr old suv that gets 21mpg, your big screen tv that you got on a black Friday that you use to forget how fucked your life is. 

count me out I am still studying french.







Mon, 07/09/2012 - 10:06 | 2598535 Village Smithy
Village Smithy's picture

There is another teeny problem and that is in assuming that there is lots of work to be done and it's just waiting for someone to give up some vacation and pick up the slack. In other words he is completely ignorant of the unemployment problem.

Mon, 07/09/2012 - 10:19 | 2598563 MillionDollarBonus_
MillionDollarBonus_'s picture

Jamie Dimon earns millions a year and gets to take vacation whenever he wants, so why can't average people ALSO earn millions and get more paid vacations? That's all liberals are asking. But of course libertarians always support the 1% and don't let 99%ers have anything.

Mon, 07/09/2012 - 10:27 | 2598578 Gandalf6900
Gandalf6900's picture

Mass Destruction Bullshit

Mon, 07/09/2012 - 10:34 | 2598602 fuu
fuu's picture

Noah Smith?

Mon, 07/09/2012 - 10:36 | 2598606 FeralSerf
FeralSerf's picture

There needs to be some producers in order to support the thefts by the Jamies of the world.  That's where the Germans come in.  Jamie and his ilk steals, the German workers and their ilk make stuff for him to steal.  It a symbiotic relationship.  All play and no work makes Franz an unsuitable victim.

Mon, 07/09/2012 - 10:42 | 2598623 taniquetil
taniquetil's picture

The solution is obvious. Just print $100 billion per citizen and distribute it via C-130. That was no one ever has to work again, and we'll all just wait for the weekly flyover for our millions of dollars in wages.

Mon, 07/09/2012 - 11:11 | 2598696 knightowl77
knightowl77's picture

That will work. At least until the Illegal Aliens get their million or billion too and then everyone stops working....We should've tried this years ago...../sarc

Mon, 07/09/2012 - 11:13 | 2598698 DaveyJones
DaveyJones's picture

The ideal Jamie vacation would include a vast amount of water and a board of sorts 

Mon, 07/09/2012 - 14:51 | 2599400 Brindle702
Brindle702's picture

... and a date with your locker?

Mon, 07/09/2012 - 11:26 | 2598721 nickt1y
nickt1y's picture

Milliion, I hope that was sarcasm, otherwise you are displaying such a level of ignorance that it is hard to belive you ever found zerohedge.

Mon, 07/09/2012 - 13:19 | 2599055 Jack Sheet
Jack Sheet's picture

It's a program, you see....

Tue, 07/10/2012 - 18:56 | 2603918 MeelionDollerBogus
MeelionDollerBogus's picture

Dimon earns nothing - stealing is not earning. Dimon has MF Global-smuggled funds in his pocket and they are OTHER people's illegally taken property.

Mon, 07/09/2012 - 09:47 | 2598490 Gandalf6900
Gandalf6900's picture

Sono pienamente daccordo

Mon, 07/09/2012 - 12:07 | 2598793 Marco
Marco's picture

The majority of workers don't have a choice ... without some collective enforcement labour competition keeps vacation days into a race to the bottom. The Euro and free trade simply opened up the flood gates to force everyone into the same race.

Only having wage deflation in the south will solve nothing if it isn't accompanied by wage inflation in the north. Maybe Italians should take less days vacation, but only if Germans took more.

Mon, 07/09/2012 - 09:34 | 2598445 veyron
veyron's picture

Is Maranello north or south?

Mon, 07/09/2012 - 09:48 | 2598492 Gandalf6900
Gandalf6900's picture


Mon, 07/09/2012 - 10:13 | 2598549 cfosnock
cfosnock's picture

I'll take those "cold" German and Swedish women, and don't forget the beer is good

Mon, 07/09/2012 - 10:37 | 2598609 LULZBank
LULZBank's picture

Me too. They might be cold, but they work hard.

Mon, 07/09/2012 - 10:59 | 2598668 ATM
ATM's picture

I'll take those tall Dutch girls....... mmmmmmm.

Mon, 07/09/2012 - 13:52 | 2599161 _ConanTheLibert...
_ConanTheLibertarian_'s picture

Well, the Scandinavian girls are actually much hotter than the Dutch bitches (first hand experience and not just mine). It doesn't make much sense though.


Mon, 07/09/2012 - 11:14 | 2598701 DaveyJones
DaveyJones's picture

and their skin holds up over time

Mon, 07/09/2012 - 09:32 | 2598432 Short Memories
Short Memories's picture

no point starting now! it's all coming down :)

not like you'll get a pension

Mon, 07/09/2012 - 09:35 | 2598447 zilverreiger
zilverreiger's picture

exactly, governments are rapidly losing good will with their fake goals.

Mon, 07/09/2012 - 09:40 | 2598466 Leopold B. Scotch
Leopold B. Scotch's picture

Fake Goals?  How about their bullshit free lunch solutions? 

Wait.  There will always be a majority of suckers who fall for the free lunch, the fatal flaw of democracy and why true genius chooses liberty over democracy.

Mon, 07/09/2012 - 09:37 | 2598456 Id fight Gandhi
Id fight Gandhi's picture

Don't the Germans say work will set you free?

Mon, 07/09/2012 - 10:39 | 2598617 FeralSerf
FeralSerf's picture

Death is freedom.

Mon, 07/09/2012 - 09:40 | 2598467 LULZBank
LULZBank's picture

Northerners cant even enjoy sex without a plentyful dose of weird fetishes. That tells you a lot.

Mon, 07/09/2012 - 09:45 | 2598479 Leopold B. Scotch
Leopold B. Scotch's picture

You're just bitter because your chick's won't go funky, leaving you up late staring at your computer while she's asleep, wishing that was you in half the photos you download.

Mon, 07/09/2012 - 10:03 | 2598499 LULZBank
LULZBank's picture

Nopes. If I really wanted my balls being clamped or squeezed and my anus being probed, I will just go through US airports security.

Mon, 07/09/2012 - 11:00 | 2598674 jannewmx
jannewmx's picture


Mon, 07/09/2012 - 11:16 | 2598706 DaveyJones
DaveyJones's picture

and its on video

Mon, 07/09/2012 - 14:04 | 2599206 _ConanTheLibert...
_ConanTheLibertarian_'s picture

soon to be found on the internet too...

Mon, 07/09/2012 - 09:58 | 2598523 debtor of last ...
debtor of last resort's picture

We are all bankers in north.

Mon, 07/09/2012 - 09:42 | 2598474 I am more equal...
I am more equal than others's picture

It is easy to say 'so what' when someone is paying your bills.  That day will soon end.  The bill payers will say 'so what' and then war, crime, and then you die.  Its a wonderful life, aint it.


Mon, 07/09/2012 - 10:06 | 2598537 GOSPLAN HERO
GOSPLAN HERO's picture

I want unlimited sick leave too.

I want my physician to prescribe a two week "cure" at Baden-Baden, Germany.

The water/beer cure is great.

Mon, 07/09/2012 - 15:34 | 2599606 Joe Sixpack
Joe Sixpack's picture

The water/beer enema? What a waste of beer, but hope you enjoy it.

Do NOT follow this link or you will be banned from the site!