January 9, 2019

pOPULISM ISN'T POPULAR:

Italy's Populist Revolution Is Gone in 480 Seconds (Ferdinando Giugliano, January 9, 2019, Bloomberg)

It took Italy's populists just eight minutes to renege on one of their flagship stances. On Monday night, the coalition government gave its go-ahead to a bank bailout, saying it is willing to recapitalize Banca Carige, a troubled mid-sized lender, if needed.

The plan smacks of hypocrisy. For years, the Five Star Movement has accused its political opponents of using public money to help the banks instead of supporting ordinary citizens. Most important, it may not work. It's not clear that Italy can inject public money into Carige without breaking the European Union's state-aid rules.



Posted by at January 9, 2019 4:09 AM

  

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