by Mike Shedlock
MISH’S Global Economic Trend Analysis
As I watch the implosion of Greece, with shops closing everywhere and GDP plunging like a rock, I cannot help but wonder if we are witnessing the start of a similar trend in Italy.
To be sure, Italy has a manufacturing base that Greece does not have, but retail aspects and shop closings in Rome as compared to Athens seems rather similar.
If that sounds far-fetched, please consider Summer of gloom for crisis-hit Rome shops
It is not just stifling summer heat that is keeping shoppers at bay on Rome’s Via del Corso: as the economic crisis hits locals and tourists alike, many shops have little choice but to close for good.