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Basically, he notes, it's the first real referendum on austerity.
And what has Italy gotten for it? A weaker economy and the prospect that radicals, clowns, and comedians could come to power. That's note a joke. The man who managed all of the austerity, Mario Monti, is currently running in fourth place behind anti-bank comedian Beppe Grillo.
Outside observers are terrified about Italy’s election, and rightly so: even if the nightmare of a Berlusconi return to power fails to materialize, a strong showing by Mr. Berlusconi, Mr. Grillo, or both would destabilize not just Italy but Europe as a whole. But remember, Italy isn’t unique: disreputable politicians are on the rise all across Southern Europe. And the reason this is happening is that respectable Europeans won’t admit that the policies they have imposed on debtors are a disastrous failure. If that doesn’t change, the Italian election will be just a foretaste of the dangerous radicalization to come.
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