Would Italy's 5,000 man army be a match against ISIS?

Italy Fears ISIS Invasion From Libya
Excerpt:

Last weekend in Italy, as the threat of ISIS in Libya hit home with a new video addressed to “the nation signed with the blood of the cross” and the warning, “we are south of Rome,” Italian prime minister Matteo Renzi shuttered up the Italian embassy in Tripoli and raised his fist with the threat of impending military action. Never mind that Italy has only 5,000 troops available that are even close to deployable, according to the defense ministry. Or that the military budget was cut by 40 percent two years ago, which has kept the acquisition of 90 F-35 fighter jets hanging in the balance and left the country combat-challenged to lead any mission—especially one against an enemy like the Islamic State.

Comment: Image source. By way of comparison, NYPD's current uniformed strength is approximately 34,500.

Attention turns from Greece to Italy

Crisis in Italy Deepens, as Bond Yields Hit Record Highs

Excerpts:

Italy’s financial crisis deepened on Wednesday despite a pledge by Prime Minister Silvio Berlusconi to resign once Parliament passes austerity measures demanded by the European Union.

The move failed to convince investors, propelling Italy’s borrowing costs through a key financial and psychological barrier of 7 percent, close to levels that have required other euro zone countries to seek bailouts.

...

yields on 10-year Italian government bonds — the price demanded by investors to lend money to Italy — surged on Wednesday to 7.4 percent, the highest level since the adoption of the euro more than 10 years ago.

In Europe’s months of crisis, yields in excess of 7 percent have triggered calls for bailouts and the subsequent demise of governments in Ireland, Greece and Portugal, but Italy’s debt is much higher than in those countries. The 7 percent barrier is seen partly as a symbolic threshold, but it also reflects hard financial facts: borrowing costs at that level make it difficult for Italy to raise new funds to pay off what it owes. The figure is widely seen by bond market analysts as unsustainable.

In the end, thus, it was not the sex scandals, the corruption trials against him or even a loss of popular consensus that appeared to end Mr. Berlusconi’s 17 years as a dominant figure in Italian political life. It was, instead, the pressure of the markets and the European Union, which could not risk his dragging down the euro and with it the world economy.

Although Mr. Berlusconi’s exit was not immediate — weeks of political wrangling over the austerity measures probably lie ahead — political commentators said they could see no escape this time for the prime minister, whose Houdini-like ability to wriggle free from scandals is legendary.

“A season is over,” said Mario Calabresi, the editor in chief of the Turin daily newspaper La Stampa, who said Mr. Berlusconi told him that he was not only stepping down, but also would not run for office again.

With fears that the debt crisis would spread from Greece to Italy, whose economy is too big to bail out, pressure had been building on Mr. Berlusconi to resign for weeks, including recently from members of his center-right coalition. Even the Roman Catholic Church, whose support is crucial for any Italian government, began harshly criticizing him.

Comment: Imagine a nation having to borrow at a 7.4% rate. An individual can finance a mortgage at 4% here. My HELOC rate is at 4%

What .... only $ 50,000?!

US gives 50,000 dlrs for quake-hit Italy

Excerpt:

The United States said Monday it would donate 50,000 dollars in emergency aid to Italy after a powerful earthquake killed at least 100 people.

"We send our heartfelt condolences to the families of those killed in the earthquake. Our embassy in Rome will provide 50,000 (dollars) in emergency relief funding," State Department spokesman Robert Wood told reporters.

Comment: I find this hard to believe: With trillions being thrown here and there and billions given to banks, and automakers; we are only giving Italy $ 50,000 for earthquake relief!?