This is one manifestation or symptom of why the PIIGS (Portugal, Italy, Ireland, and Greece) are in a crisis.
From the Economist, (bold highlights mine)
``RECKLESS, flashy and chaotic sums up the general view of Italian governments as well as the popular image of the country's drivers. It is hardly surprising that the two are so similar according to Renato Brunetta, Italy's minister for public administration. He reckons that the country runs a fleet of 629,000 official cars, ten times the number in similar European countries and 50,000 more than just a couple of years ago. The official fleet includes top-of-the-range Maseratis to ferry senior officials around Rome. Italy's domestic carmakers, which are starting to recover after a tough time, will be hoping that this particular government-efficiency drive goes no further."
Markets have been revealing the cracks from the unsustainable lavish spending by governments of mostly developed nations. Yet, as shown by the recent spate of bailouts, governments will fight to retain these privileges.
As an old saw goes, What are we in power for?
From the Economist, (bold highlights mine)``RECKLESS, flashy and chaotic sums up the general view of Italian governments as well as the popular image of the country's drivers. It is hardly surprising that the two are so similar according to Renato Brunetta, Italy's minister for public administration. He reckons that the country runs a fleet of 629,000 official cars, ten times the number in similar European countries and 50,000 more than just a couple of years ago. The official fleet includes top-of-the-range Maseratis to ferry senior officials around Rome. Italy's domestic carmakers, which are starting to recover after a tough time, will be hoping that this particular government-efficiency drive goes no further."
Markets have been revealing the cracks from the unsustainable lavish spending by governments of mostly developed nations. Yet, as shown by the recent spate of bailouts, governments will fight to retain these privileges.
As an old saw goes, What are we in power for?
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