'There is an alternative to this misery'

From Italy and Greece: Rule by the Bankers - "Technocratic governments" ruling on behalf of financial markets by Michael Roberts:

"...I have outlined it in previous posts (see “An alternative programme for Europe”, 11 September 2011). Democratically elected governments in both countries should announce together that they are defaulting on all public sector debt held by the private sector. If that busts their banks (as it would), they should be taken over with customer deposits protected and then run as public enterprises directed to lend to industry and households to boost investment and consumption. Instead of slipping into a debt spiral that leads to economic recession (or continued depression as much of Europe is already in), recovery could be kickstarted by state-led investment. Of course, this is anathema to Europe's capitalist leaders and capitalist sectors because it would threaten the profit-based economy they preside over. So instead, we shall have the bankers rule..."