65% of Italian Households on the Breadline

A new report published by the Bank of Italy has suggested as many as 65% of Italian households have an income insufficient for their needs. A record low number of Italian families are now able to save any money at all, as the full effect of the economic crisis in Italy hits home. Among those worst hit are households whose chief earner is unskilled, unemployed, working part time or retired. Young people living in rented accommodation are also among the poorest people in Italy, with almost one in four in extreme financial difficulty.

The report also makes note of the worsening problem of distribution of wealth in Italy - or lack thereof - with the richest 25% breaking away from the majority at an alarming rate. The news coincides with the recent national election in which Bepe Grillo's anti-establishment Five Star Movement party brought home 25% of the popular vote, causing a political vacuum while uncomfortable bedfellows try to form a coalition government.

Milan Clubs to Concentrate on League after Euro Defeats

Both Internazionale and AC Milan have had their fingers severely burnt in European competition this month, despite the stupendously rich track record of both clubs in international club football. AC Milan, who have won the Champions League (or its previous incarnations) no fewer than seven times, were unceremoniously dumped out of the competition in a 4-0 defeat to Barcelona despite having won the first leg in Milan 2-0, prompting coach Massimiliano Allegri to state that the team are now concentrating their attention firmly on Serie A.

Milan, whose President Silvio Berlusconi is thought to have done his national election campaign no harm at all by signing Mario Balotelli from Manchester City in January, are 3rd in the Italian league, 11 points behind leaders Juventus, after finishing 2nd in the competition last year.

Things aren't much happier on the other side of the San Siro either, with Internazionale doing no more than saving face when they beat Tottenham Hotspur 4-1 in the Europa League. That result, which followed a 3-0 defeat to Gareth Bale at White Hart Lane in the first leg, meant that despite a brave effort, Tottenham were the team to progress to the Quarter Final Stage on the away goals rule.