WINNERS AND LOSERS

As many European countries face bankruptcy and workers find themselves out of a job with social benefits being constantly cut, it should be noted that in Greece and Italy where the crisis is deepest the owning class are still doing very well. "A recent survey published by agency Knight Frank shows that Italians have overtaken Russians as the leading buyers of prime London property. Since January, they have accounted for eight per cent of all sales in the area. Last year it was the Greeks, who more than doubled their spending on prime London as riots raged across Athens. This year, it is their cousins across the Adriatic who are opening their chequebooks. The total spend for Italians in prime London is estimated to be £408m for 2011, up from £185m in 2010." (Daily Telegraph, 9 March) All this is happening at a time when Italy is in danger of falling apart at the seams. Economic reports worsen daily. The Bank of Italy forecast the Italian economy to contract by 1.5 per cent this year, while employment is shrinking at its fastest rate since July 2009. RD