Berlusconi Calls Spread a ‘Scam,’ Says Monti Beholden to Germany

“Former premier Silvio Berlusconi said the Italy’s bond yield difference with Germany is a “scam” and Prime Minister Mario Monti’s policies have made the economy worse than when he was in power.

“Monti’s government has followed the Germany-centric policy that Europe has tried to impose on other states and it has produced a crisis that is much worse than when we were in power,” the 76-year- old billionaire said in an interview today on Canale 5 television, controlled by hisMediaset SpA (MS) broadcast company.

Berlusconi said the excess focus on the difference between Italian bonds and comparable German Bunds was used to bring down his government a year ago. That difference reached a euro-era record 575.6 basis points on Nov. 9, 2011, days before he resigned and Monti was appointed to lead an unelected government of non-politicians.

“We should stop talking about this scam. We never used to talk about it; why does it matter?” Berlusconi said about the spread. “It has been used to try to bring down a majority government voted by the Italians. Behind the crisis there has been a German strategy,” he said.”

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