Letters | 19 November 2011

• Not so magnifico

Sir: To identify Silvio Berlusconi as Italy’s ‘best hope of cutting its astronomical sovereign debt’, as Nicholas Farrell does (‘Arrivederci il Magnifico,’ 12 November), would be laughable, if it didn’t show such deep ignorance of the damage Berlusconi’s rule has done economically, politically and morally. Mr Farrell suggests that Berlusconi is some kind of Thatcherite. Really? Could he point to any substantial reforms? Berlusconi promised to lower taxes, to reduce crime and to free up the labour market, but he did none of those things. His one major intervention in the economy was to scuttle a deal that would have seen Air France purchase Alitalia and hand over the ailing national airline in a sweetheart deal to some of his corporate buddies. He added to Italy’s astronomical debt by increasing public sector pensions. Under his rule, Italy grew at an anaemic annual rate of one third of 1 per cent and dropped further down league tables for economic freedom and competitiveness and media freedom.