- Created: Friday, 09 December 2011 18:58
- Written by Dario Chiaradonna
The sudden collapse of the Berlusconi government on 12 November and the formation of a technocratic leadership are ominous signs of things to come, not only for the Italian working class but for the peoples of Europe.
Three times prime minister Silvio Berlusconi, the former cruise ship crooner and right-wing populist, had been under the shadow of charges and allegations for fraud, corruption and statutory rape, but it was the demands of European capital that finally brought him down. The European Central Bank demanded that the Italian government pass a €54 billion package of austerity measures to deal with Italy’s €1.9 trillion debt – 120% of GDP. As Italy’s costs of borrowing soared to an all-time high, the parliamentary budget vote on 11 November accepted the package; Berlusconi resigned the next day, paving the way for an unelected cabinet, led by former EU competion minister and Goldman Sachs adviser Mario Monti, to rule Europe’s third largest economy strictly in the interests of European capital.