Tuesday, April 28, 2009

US Carmaker To Be Saved By…. Italian Carmaker

Posted by Peter Quennell

It’s no secret that all of our posters and many of our readers have a passion for Italy and things Italian.

We have been saddened by the sliming of Italy as a “backward country” for the handling of this case, as sustained most recently (on steroids) by the CBS Network.

Nicki’s post on the true nature of the Italian justice system was an important part of our effort to share the real truth on a civilized and very humane country.

Now it is a matter of some joy and amusement that Italy’s FIAT is stepping in to stop the US’s Chrysler from going down the tubes.

In fact (click above for Bloomberg’s report) FIAT is so strong that it is probably one of the eight car companies predicted to be still around in the long term.

And Italy’s economy is not seeing a particularly bad economic slowdown. Though GDP shrinkage is forecast, Reuters reports that consumer morale is now at a 16-month high;

Consumers in Italy have remained surprisingly perky so far this year with the recession not producing large-scale job losses and lower inflation benefiting many families.

Unemployment is seen rising to 8.0 percent this year, according to a Reuters poll released earlier this month, but would still be lower than elsewhere in the euro zone. Spain reported last week that unemployment reached 17.4 percent in the first quarter.

ISAE said that workers’ fears of losing their jobs eased in April and their ‘view of Italy’s overall economy situation registered a strong improvement’.

It seems our Italian friends are doing something seriously right. Meredith chose well to like Italy.

Posted by Peter Quennell on 04/28/09 at 02:25 PM in The wider contextsItalian contextN America context


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