Italy should watch its steps.

Ever since Greece was downgraded from junk status to default status, Greeks have been withdrawing their personal savings from banks, up to 650 million pounds per day. They are afraid that if Greece is pushed out of the Euro they will be paid in Drachmas which will rapidly depreciate so that their savings will become worthless. Then 16 Spanish banks were downgraded so the Spanish people have started withdrawing money from banks in case they fail. The European Central Bank guarantees a maximum of 100,000 Euros to customers in case a bank goes belly up. On Tuesday 400 million pounds were withdrawn from Bankia in Spain and then 800 million pounds were withdrawn on Friday. One billion pounds were withdrawn Bank Santander in Spain on Friday. Spanish Central Bank said that bad loans have hit their highest levels since 1994 and stand at 147.968 billion Euros. Saturday and Sunday being holidays there has been time for people to think and exchange opinions. When banks open tomorrow there could be a run on Greek banks which could rapidly spread to Spain. Italy would be the next in the firing line and should therefore concentrate on its finances rather than behaving in a boorish manner with India. On February 15, 2 marines on an Italian ship Enrica Lexie shot and killed 2 unarmed fishermen off the coast of Kerala. Since then Italy has been insisting that the marines should be released on the specious arguments that the marines mistook the fishermen for pirates and that the shooting happened in waters outside Indian jurisdiction anyway. Last week Italy withdrew its ambassador from India to show its displeasure and the Indian ambassador in Italy, Mr Saha was called to their external affairs for a dressing down. Italy is a country of the mafia. Mafia means " hostility to the law and its ministers ". This was amply illustrated 2 days back when a bomb exploded outside Francesca Laura Morvillo Falcone fashion institute in Brindisi in Italy, killing a 16 year old girl and injuring 4. Francesca Morvillo and her husband, judge Giovanni Falcone were blown up by the mafia May 23, 1992 on a motorway near the town of Capaci because Falcone had been successful in jailing a lot of mafiosi. This Wednesday is the twentieth anniversary of his death. His successor and friend, Paolo Borsellino was killed by a car bomb on July 19, 1992. There is speculation that the bombing in Brindisi is the work of the Sacra Corona Unita. Brought up in this atmosphere it is not surprising that the Italians are behaving like thugs. Maybe they believe that they are in control of the Indian government. We should also withdraw our ambassador from Rome and politely inform the Italians that they will need friends very soon when they could be going round with a bowl, begging for coppers. If they do not listen to reason shove a bunga bunga ...