Italian voters have long been fed up with their corrupt parties pigging-out on public money; in 1993 a referendum motion to end party funding was passed, only to have been completely ignored by the politicians. Recent events prompted the shaky Italian Cabinet (desperate for some populist legitimacy if lacking any such democratic authority) - to propose an actual phasing-out of funding by 2017, starting with a reduction in this July's instalment. Unsurprisingly, yesterday only Beppe Grillo's 5-Star party and Bossi's Lega Nord voted for the measure - it was defeated by all the other parties voting together. It won't, however, last for long.
Anyone following Hatfield Girl's painful accounts of the failure of the Italian economy - and the virtual bread rationing was for me one of the most telling indicators - will realise that the crisis is deep and real. A recent piece from the LSE puts the contraction as worse on just about every measure than the 1929 - 1934 collapse, and predicts 'The collapse of the Italian state finances is rapidly approaching. It
will have an enormous impact on the Eurozone and the European Union'. Ambrose in the Telegraph has been saying so now for months.
Even my nephew, a studious mediaevalist spending the Summer in Chiantishire with no desire to notice anything after the fourteenth century, has been unable to neglect the malfeasances of bankers, panderers, frauds and politicians in Italian life today for those confined to the bolgia. (in translation only for me, but my valued 1976 edition with the translation by Dorothy L Sayers remains the best)
Timing-wise, an Italian collapse around October would suit me, with the € back to 1.25 or so.