Milan-based bank, Unicredit , said it was going to be reorganized. It posted a huge third quarter loss because of Greek bonds and the politically imposed “voluntary” haircut.

France has a wealth tax. Spain reimposed its wealth tax this year. Now the idea of a wealth tax is being floated in Italy, too, in the wake of Mario Monti taking over from Berlusconi.

But in Germany the middle and low income taxpayers are getting a tax cut! What a difference!