A successful coup d’état is never treason

I did not approve of such brinkmanship but it is now looking ever more likely that the attempt by European elites to hold the world hostage in order to induce more structural reforms may work.

From the NYT

Mr. Monti, who is both prime minister and finance minister, faces the challenge of satisfying the demands of European leaders while making clear to Italians that they must take responsibility for solving the country’s longstanding structural problems.

“The huge public debt of Italy isn’t the fault of Europe; it’s the fault of Italians, because in the past we didn’t pay enough attention to the well-being of the young and the future adults of Italy,” Mr. Monti said. Speaking of his proposals, he said, “We have had to share the sacrifices, but we have made great efforts to share them fairly.”

Among the new measures announced Sunday are sharp cuts to regional governments that could significantly change Italian politics by crimping the flow of patronage spending.

There appears to be little room now for traditional Italian political maneuvering. Though Italy’s economy is the third-largest in the euro zone, it has no forward momentum; economists expect it to contract in 2012 and stay flat in 2013. Meanwhile, the cost of servicing the country’s debts is claiming an ever larger share of its budget.