Economic Crisis in Italy?

on Tuesday, March 10, 2009

This morning I had run a couple of errands, the grocery store and pharmacy. Ok not a big deal, but what was kind of eerie was the fact that traffic was next to nothing, even considering the time of day and day of the week. The supermarket had some people, but again considering the time of day, is usually busier. My first thought is maybe that the economic crisis is starting to hit home a bit here in Italy. Busto Arsizio Italy seems almost like a ghost town at the moment.

Last week was the same situation at the supermarket and also with the traffic, so today is not a one-time occurrence. Personally speaking as of today we're doing not so bad. The computer technician's business has slowed a bit, but nothing to worried about, yet. I've actually picked up 3 new students in the last couple of weeks and have been averaging 20 hours a week. People in general here, at least what I've heard from my students, are a bit nervous about keeping their jobs. So many of them are making sure to continue their English lessons in hopes that "keeping up" their language skills will be a plus for them in regards to keeping their jobs.

The world wide economic crisis is only bound to get worse before it gets any better. In two months, January & February 2009, 370,561 Italian workers have lost their jobs according to a headline on Italy's newspaper Corriere della Sera.

Realistically speaking, tough times are ahead for Italy, for everyone worldwide for that matter, financially speaking. Over the last years credit has become easier to come by in Italy, taking after the United States. People in Italy aren't as maxed out so to speak (no pun intended) on credit card debt compared to the United States, but many people do have mortgages, car payments, payments on furniture (it is expensive in Italy to furnish an apartment) and find it difficult to make it to the end of the month. This is before the global economic crisis hit.

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22 comments:

Mary Moore said...

I guess the economic crisis is going to hit every one of us eventually...so unfortunate.

Duni said...

It's generally 'business as usual' in the small town I live in. I've noticed the most expensive supermarket in this area is jam-packed every day...with pensioners!
Of course, with the media playing up the 'crisis' we all start to worry. The company my hubby works for actually did pretty well in the last fiscal year, yet the management 'believes' they need to cut costs - starting with employees. This is the best example of how our current belief system works...

Expat Traveler said...

I heard of all of the stories of people leaving before this as it was hard to find a job then! I just am thankful for a job as I am sure you are too!

Martin In Bulgaria said...

Very worrying, especially if you are in debt (i.e. mortgage, loans etc.) right now, wherever you are. Perhaps many will now realise what things are important in trying to make ends meet. A terrible way to find out though.

Ann said...

We're thankful for what we have, also for the fact that we are pretty much debt-free, with the minor exception of just one credit card my husband has. Otherwise no mortgage, student loans, loans in general or other debts to worry about. The car is paid off and running perfectly.

I personally know a couple of people that are thinking of buying houses at the moment. Personally I think it is a rather inappropriate time. Things here aren't like in the States as far as the housing market goes, BUT apartment buildings have been going up right and left the last few years around Busto Arsizio and all of them are no where near full occupancy. In less than a six block radius of my house there are at least four new apartment buildings under construction, all starting within the last year or so. The housing bubble doesn't seem to have burst yet, but hate to see it when it does.

jacqueline said...

I'm ready for whatever comes. Most people are only afraid because they don't want to lose their material possessions. Luckily, I don't use things to identify who I am as an individual. So, I'm OK.

Ivanhoe said...

Yup, it's only going to get worse before it gets better. But we have to hang in there and make it through.
The unemployment rate in Ohio was 14% last month :o(

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Tnomeralc Web Design Toys said...

All are now experiencing this crisis. I also blogged about the economic crisis effect in our country. Hope that new leaders can make something to uplift the world economy.

Erik said...

The crisis can't be that bad...Congress just gave themselves a raise.

Eriuqs Spires Healthy Recreation said...

@Erik

Then the congress is the only one benefiting on this kind of season.

Erik said...

@ Eriuqs Spires Healthy Recreation:

Things that make you go, "Hmmmmmm".

Eriuqs Spires Healthy Recreation said...

Oh, well, I can't speak anymore. Got the message loud and clear. :)

Anonymous said...

I live in Italy and I want to expat right now, I don't see a future for this country. Do you?

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italy is beautiful country, many resources in italy that can make asset for goverment

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Anonymous said...

I was living in Italy and moved back to Canada because of that crisis. It seems it's only getting worse. Italians aren't to quick on resolving problems either. Italy's biggest problems is Italians themselves. Useless government and system.

Italy travel deals said...

Unicredit which is Italys second biggest bank has had problems which Berlesconi claims have now been resolved.

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