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发表于 2011-11-15 16:43:04
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VOX POPULI: Europe's dominoes could lead to Japan
Here's a joke from "Itaria Joku-shu" (A collection of Italian jokes) by Yoshihiro Onishi: A person telephones a government office. "Could I speak to Mr. Bianco, the department head?" "He is not in." "You mean he doesn't work in the afternoon?" "No, he doesn't work in the morning and doesn't come to work in the afternoon." Looking at recent developments, it is difficult to laugh our heads off at jokes about southern Europe.
Any country in which government leaders, as well as department heads, do not work is going to be in deep trouble. In Italy, Prime Minister Silvio Berlusconi has resigned, leaving behind a mountain of scandals and gaffes. The euro currency is in crisis and Italian government bonds are being heavily sold. Berlusconi stepped down in return for the implementation of austerity measures.Even a billionaire with control over the Italian media had no choice but to give in to the pressure from financial markets.
The administrations of Greece, where this whole mess started, and Portugal have also changed. I hear opposition parties are gaining ground in Spain, where general elections are slated for Nov. 20, and France, which will be holding a presidential election next year. There may be a chain reaction of governments falling as a result of Europe’s crisis.
If new leaders rush to implement austerity measures, the economy could slump again. This could result in strikes and social unrest. The administrations of countries with huge debts are wavering, caught between warnings from the market and angry populations.
Those falling dominoes could lead to Japan. I am worried about possible damage to major Japanese banks, which hold significant amounts of Italian government bonds. More than 10 years ago, Japan could sit back and watch how the euro system was working, unaffected by the "European experiment." This is no longer the case. Each bit of turbulence around the world today has an impact on how we will live tomorrow.
The United States is intent on expanding the Trans-Pacific Partnership (TPP) free trade pact as it tries to enclose growing markets. It will not tolerate delays in negotiations that will be caused by Japan's slow response. This is the ruthlessness inherent in conflicts of national interest. There is no place for people like Mr. Bianco in government or in the private sector. The world is moving in the opposite direction to the good old slackness of southern Europe.
--The Asahi Shimbun, Nov. 15 |
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