Technocrats no chance against recession

Having governments in Greece and Italy led by independent politicians is no guarantee of success because even technocrats can do little to avert the looming recession in Europe, writes the liberal daily Corriere del Ticino: "The impact of such measures will become clear not in the short term but only in the medium and long term. This is the main problem, because Italy and the euro are running out of time. A stringent austerity policy has recessive consequences that are only compounded by the recession in the Eurozone and the weak global economic growth. A deflationary spiral accompanied by a general impoverishment of the country will result, and could even force it to sell off the family silver. This is the real danger Italy faces with the Monti government and a reality Greece, Portugal and Spain too must confront."

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