Here’s a new song to sing to keep up spirits as we wait for Italy to fall into the abyss:
IMF, IMF, IMF
IMF, IMF, IM-E-EFF
IMF, IMF, IMF
AYE EMM FFFF
Because even though the country is among the richest in the world, it can’t look after itself.
And take a look at the bio of David Lipton, who the IMF had already scheduled to go to Rome next week (before Italian bond yields hit 7.5% this evening). This guy appears to have the cv from hell. He worked at disaster bank Citi in the run-up to the global financial crisis. He (presumably) filled his boots at hedge fund Moore prior to that. He was part of the Clinton financial deregulation road to hell team in the 90s. Which came just after he had worked with Jeff ‘did I say that?’ Sachs to provide restructuring ‘advice’ to developmental superstate Russia in the 1989-1991 period. Maybe there really is a God. And he really has lost patience with Italy.