CIAO, CHARLIE!

"Ahha!  Il Cavaliere Rusticano!"

"Ma che Rusticano?"  Sono uno porprio Urbano!"

"Ok, Massimo, so you are (he is).  How are things?"

" Ah Charlie, sometimes I think we Italians are Pazzo.  You see what happen the other day?  Monti, he talk and talk about how we have to change as a country.  He talk about how after 60 years we no can go on like we do.  He say is ok to be mad at the Tedeschi cause they kill us with the way thery compete but the reason they kill us is because they do the things we have to do years ago.  No more guaranteed jobs for life, no more retire at 50. No more crazy work rules.  No more no fire.  And we all know he's right cause Mario is a smart guy, ma the Unions say 'no' so Mario walk out of conference.   Fimito.  Who know what happens now."

"Can he force the reforms without the unions agreeing?  Does he have that much support?"

"'Em be.  Who knows?  Me. I think so but then the unions they go crazy and we have strikes, riots, and...ah, Charlie it will be no good."  Look what happen to rates, you the banker.  It is no good Charlie, we loose all the ground Draghi give us when he make money a month ago.  It is really no good."

"Yeah I have ben following it.  I agree it is not good.  Not good in Greece or Portugal and Spain either."

"Bah!  Who cares for Greece and Portugal!  Italia and Espana, these are real countries.  Look.  Remember I tell you two months ago what was going to happen?  I was right, no?  Ma then we have just Draghi andd Monti.  These be smart guys,  but now...These union people, it a a religion.  They fight like for God.   If Monti no win, we no grow, and if we no grow...we...well, you know what happen."

"I don't like to hear you like this, Massimo.  I like you much better in your Fortza Italia mode."

"I know, I know, ma not now, not this time, this time it no good.  Look, I call you sometime Charlie, eh?

"Where are you going to be?"

"We go to Milano to see my daughter for La Pasqua.  You have my mobile.  Buona Pasqua, Charlie."

"Et a lei, Cavaliere.  Ciao."

This situation has somewhat been overlooked.  If what Massimo suggests happens, the depressing outlook for the Euro zone suddenly becomes a lot more depressing ...indeed, outright desperate. We are looking at perhaps a seminal event with the winner of an epic confrontation essentially dictating the future of Euroland.  Hopefully, it will not come to that but for now it is too soon to tell.  I think it is going to be while before we know.