Although there are similar arrangements in most capitalist societies in Britain if a business is at serious risk of going bankrupt it can choose to go into administration. This involves appointing a team of experts (normally accountants or economists) known as administrators to take of the running of the business from it's directors and owners. The administrators then make the changes needed to nurse the business back to health.
The nation of Italy appears to be doing something similar with their national economy. Yesterday (12/11/11) the Prime Minister Silvo Berlusconi resigned. He has been replaced by Mario Monti an unelected but highly respected economist who has served as a European Union (EU) commissioner for both the internal market and competition for ten years. He is expected to oversee a cabinet made up of similarly unelected technocrats. Once they have finished their work of implementing the changes needed for Italy to avoid bankruptcy they will return the Italian economy to it's owners - the Italian people.
Obviously Mario Monti has only just been formally given the job and has not even started work so it is quite difficult to predict how successful he will be. However as General Motors will testify in the business world steps like this are often hugely successful.
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Me thinks Italy will eventually sell its crown jewels just like Greece. Public services cut, others privitised and another lost generation. Europe is facing an incoming brain drain with the migration of a generation from West to East. Hence the need to learn Chinese, Spanish, Portuguese, Russian and German you go to places where there is work. Only the affluent can rest on their savings the poor and young have none, unless they return to their parents.
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