SPAIN (El País / Claudi Pérez) "It is the end of a nightmare," says the writer Umberto Eco about Silvio Berlusconi's departure. But it is not the only solution to the Italian problem. In fact, it could be the beginning of a worse nightmare. Why did Italy reach the point of no return? Didn't the European Union have a definitive solution? Who will be next? Will the euro disappear forever?
The markets have made it clear: if Berlusconi did not go, there would be disaster. His vague resignation is not the real answer either, but at least it gives the Italians some breathing room to look for better solutions. Despite what was said at the last EU summit, there isn't enough money now in the European rescue plan for a Roman bailout. Only the ECB, using its power and flexing some muscle, can help prevent Italy from going bankrupt if things don't calm down by the departure of Berlusconi. The contagion effects of an Italian crisis would be 15 times more catastrophic than Lehman Brothers' bankruptcy.>>>
