{"id":27985,"date":"2011-08-31T15:00:18","date_gmt":"2011-08-31T15:00:18","guid":{"rendered":"http:\/\/127.0.0.1\/site\/2017\/2\/1985\/wsj_italy_living_on_borrowed_time\/"},"modified":"2011-08-31T15:00:18","modified_gmt":"2011-08-31T15:00:18","slug":"wsj_italy_living_on_borrowed_time","status":"publish","type":"post","link":"https:\/\/kendallharmon.net\/?p=27985","title":{"rendered":"(WSJ) Italy Living on Borrowed Time"},"content":{"rendered":"<p>Continued involvement of the ECB could be stymied by two factors. The first is its own distaste for the job. &#8220;The fact that markets are dysfunctional is, in our opinion, the responsibility of governments,&#8221; ECB President Jean-Claude Trichet said in Brussels on Monday. &#8220;They are issuing their own securities. They have the responsibility for the credibility of their own securities.&#8221;<\/p>\n<p>There are also question hanging over the Italian austerity plan that the ECB wanted as the price of its support. On Monday, a proposed tax increase on high earners was ditched and some cuts to local-authority funding were scaled back.<\/p>\n<p>&#8220;If Italy can&#8217;t deliver austerity, it is going to run into some hard questions from the ECB this year,&#8221; Mr. Penn said.<\/p>\n<p><a href=\"http:\/\/online.wsj.com\/article\/SB10001424053111904332804576540163135555564.html\">Read it all<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Continued involvement of the ECB could be stymied by two factors. The first is its own distaste for the job. &#8220;The fact that markets are dysfunctional is, in our opinion, the responsibility of governments,&#8221; ECB President Jean-Claude Trichet said in<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/kendallharmon.net\/?p=27985\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":794,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40,50,460,582,589,595,149,591,200,590,448,151,587],"tags":[],"class_list":["post-27985","post","type-post","status-publish","format-standard","hentry","category-economics-politics","category-international-news-commentary","category-european-sovereign-debt-crisis-of-2010","category-consumerconsumer-spending","category-corporationscorporate-life","category-credit-markets","category-economy","category-euro","category-europe","category-european-central-bank","category-italy","category-politics-in-general","category-taxes"],"_links":{"self":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/27985","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/users\/794"}],"replies":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27985"}],"version-history":[{"count":0,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/27985\/revisions"}],"wp:attachment":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}