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ITALY news
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PostPosted: Tue Nov 08, 2011 12:19 am    Post subject: ITALY news  Reply with quote

Fears linger over Greece and Italy
7 November  2011
 ROME - Pressure mounts on Italy's Berlusconi to quit.
Italy became the latest target in Europe's financial crisis Monday, as soaring borrowing rates intensified pressure on Premier Silvio Berlusconi to resign and let a new government reform the country's spendthrift ways.
Berlusconi batted away reports that he was considering stepping down in favor of early elections, saying they were "without foundation."

But the prospect of financial disaster was real because of Italy's huge debts and slow growth. Unlike Greece, Ireland and Portugal — the three countries that Europe has already bailed out — Italy's economy could be too large to rescue.

The ultimate fear is that Italy cannot pay for its euro 1.9 trillion ($2.6 trillion) debt and need international help. Europe would struggle with a bailout that large, meaning a default that could break up the 17-nation eurozone and drag down the global economy.
During a G-20 summit last week, Berlusconi had to ask the International Monetary Fund to monitor the country's reform efforts, a humiliating step for the eurozone's third-largest economy.

The reform measures include a plan to sell government assets — expected to raise euro5 billion ($6.9 billion) a year for 3 years — and tax breaks to reduce youth unemployment of 29 percent and to get women back into the work force in a country where just 48 percent of women have jobs. The legislation would also allow stores to stay open on Sundays and open up closed professions.

CARNIVAL Cruise ships - Costa Concordia

Italy earthquakes, volcanoes

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PostPosted: Tue Nov 08, 2011 1:20 am    Post subject: Reply with quote

S&P downgrades Italy one notch to A
19 September 2011  (MarketWatch)
Ratings agency Standard & Poor's said late Monday that it has cut its unsolicited long- and short-term sovereign credit ratings by one notch on the Republic of Italy to A/A-1 from A+/A-1+, with a negative outlook.

"The downgrade reflects our view of Italy's weakening economic growth prospects and our view that Italy's fragile governing coalition and policy differences within parliament will likely continue to limit the government's ability to respond decisively to the challenging domestic and external macroeconomic environment," S&P said.
"We think that the government's projection of 60 billion euros [$81.6 billion] of savings may not come to fruition," it said.

Is 7% the tipping point for Italy?
7 November 2011  MarketWatch

Phil Barach, co-manager with Jeffrey Gundlach of DoubleLine Total Return Bond Fund, which has no European exposure, says:
“ 7% is the crucial number” for the 10-year Italian government bond.
If rates get above 7%, “the markets will perceive that the story for Italy will become like the story for Greece.

There has to be some change there and the problem is that unlike Greece, Italy is huge. There’s no real fix for Italy.”

Barach continued: “ Greece is to the EU like Chicago is to the United States. Italy is probably like California and New York combined.
The EU has to stop dithering and take some decisive action, but it looks like they just can’t get their act together.
By the time they decide to make a decision it might be too late to put out the fire.”


Thousands demonstrate against Berlusconi
Tens of thousands of opposition activists demonstrated in central Rome on Saturday for the ouster of Premier Silvio Berlusconi.
Democratic Party leader Pierluigi Bersani told the crowd that his party is prepared to work with other opposition groups to lead a new government.

"If there is discontinuity and change, we are ready with the other opposition to create a new government," Bersani told the crowd in Piazza San Giovani.
Berlusconi's grip on power has been weakened by the ongoing sovereign debt crisis and infighting in his coalition that has prevented clear measures. Six members of his party this week urged him to step aside to allow the formation of a broader coalition with a centrist opposition party.

The protesters, who arrived on buses and trains from throughout Italy, were joined by center-left politicians from France and Germany, as well as a group of topless female demonstrators from Ukraine known as Femen.
"We are not credible. I am ashamed of how other European countries see us. It is pitiful. This man (Berlusconi), this marionette, must go away," said Mario Puddu, a retiree.

Berlusconi has promised a confidence vote on new legislation sought by the European Union to shore up Italy's economy. The measures include a plan to sell government assets, tax breaks to encourage employment for the young, and getting women back into the work force. The legislation would also liberalize store opening hours and open closed professions.

Italy also agreed at a summit in Cannes to have the International Monetary Fund monitor the reform efforts, a humbling step for one of the world's seventh largest economies with the second largest public debt in Europe.

Italy's borrowing costs to service its enormous public debt at 120 percent of GDP have been rising since the summer, raising concerns of a default if Italy.
While Europe has bailed out Ireland, Greece and Portugal, euro zone leaders say Italy is too big to bail out.
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PostPosted: Tue Nov 08, 2011 7:16 am    Post subject: Reply with quote

Fears linger over Greece and Italy
Is ITALY TOO BIG to bailouot?  

8 November  2011
Eurozone sketches out stability plan as fears linger over Greece and Italy.
Eurozone finance ministers have agreed on a timescale for a fund to allay market doubts about sovereign debt.
Limited progress was made as concerns remained over Italy and Greece.
The plan unlikely to be finalized before the end of November.
Meanwhile, market pressure on Italy worsened.
Ireland and Portugal also a serious concern.

Italy borrowing rates hit new record as vote looms
8 November  2011
The Italian government cost of borrowing has risen to a new record
Investors fear that the eurozone's third-biggest economy could become the next victim of the debt crisis.
Italy is now past the point that forced other eurozone countries to seek a bailout.
Greece, the Irish Republic and Portugal have all been bailed out.

Italy bears watching.  Beast system is near.
I see the world rapidly going into the Revelation 13 beast system (antichrist) .. and all television as BeastTV
Beware BeastTV - All the sheepl are told is what the Beast wants us to know.

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PostPosted: Tue Nov 08, 2011 2:41 pm    Post subject: Reply with quote

Berlusconi to resign after parliament OKs reforms

November   8,  2011  Tuesday   ROME (AP)
Silvio Berlusconi promised to resign after parliament passes economic reforms demanded by the European Union,
capping a two-decade political career that has ended with Italy on the brink of being swept into Europe's debt crisis.

Italian President Giorgio Napolitano met for about an hour with Berlusconi after the premier lost his parliamentary majority during a routine vote earlier Tuesday.
In a statement, Napolitano's office said Berlusconi had promised during the meeting to resign once the economic reforms have passed parliament.
A vote on the measures is planned for next week.

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PostPosted: Wed Nov 09, 2011 7:39 am    Post subject: Reply with quote

November  9,  2011   All world markets DOWN
Italy borrowing costs hit record 7%  

Italian government borrowing costs soar to new highs, with yields on 10-year bonds hitting 6.86%

Italy bonds in danger zone
Some reports Silvio Berlusconi will resign, Berlusconi denys them.
Berlusconi is the last surviving prime minister in the crisis-stricken eurozone.
Eurozone finance ministers met in Brussels Monday night to address Italian and Greek upheavals.

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PostPosted: Wed Nov 09, 2011 10:22 am    Post subject: Reply with quote

Italy is bust; it’s just a question of when – Italy has a lot of debt, and a lifeless economy
8 November 2011, by Matthew Lynn - London (MarketWatch)

When a man has survived as many corruption, financial and sex scandals as Silvio Berlusconi has over his two decades in Italian politics,
it would be a mistake to assume that a small matter like the imminent bankruptcy of his country will be anything other than a minor setback to his career

Zero Hedge November 8, 2011
Barclays Says Italy Is Finished: "Mathematically Beyond Point Of No Return"

BTPs Breach 87 Support, 86.955 Last, ECB Makes A Political Statement By Not Intervening http://www.zerohedge.com/news/btp...litical-statement-not-intervening

L'orrore, L'orrore... In Three Quick Charts http://www.zerohedge.com/news/lorrore-lorrore-three-quick-charts

ECB ‘Inaction’ Succeeds In Doing What Nobody Has Achieved In Decades! Sending Risk Soaring http://www.zerohedge.com/news/ecb...hieved-decades-sends-risk-soaring

Zero Hedge November 9, 2011
Market Stalls As LCH Announces Margin Hikes On Italian Debt

Italy 10-year yield rises above critical 7% level
9 November 2011, by William L. Watts - Frankfurt (MarketWatch)

The yield on benchmark Italian 10-year government bonds moved above the critical 7% level widely viewed as unsustainable on Wednesday morning after clearing firm LCH.Clearnet raised margin requirements for trading Italian debt.

The yield IT:10YR_ITA -0.98% was seen at 7.09% in recent action, up 51 basis points from Tuesday, according to FactSet Research.
Sustained yields above the 7% level would translate into borrowing costs that would make it difficult for Italy to maintain funding needs, strategists say.
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PostPosted: Wed Nov 09, 2011 4:43 pm    Post subject: Reply with quote

And Now France
9 November 2011
 French Bund spreads have just crossed 147 bps as the "cash bond long yet unable to hedge with CDS" crowd realizes that the Italian contagion is about to hit Paris.
And unable to hedge using creative modern financial instruments, said crowd has reverted to the good old fashioned version thereof.
We call it selling. Expect the spread to hit 150 bps momentarily.

“There Is No Solution for Europe”: Stocks Tumble as Italian Yields Surge

Dow Jones Industrial Average(DJI: ^DJI )
Index Value: 11,780.94
Trade Time: 4:04PM EST
Change: 389.24 (3.20%)
Prev Close: 12,170.18
Open: 12,166.40
Day's Range: 11,736.93 - 12,170.18
52wk Range: 10,362.30 - 12,928.50
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PostPosted: Thu Nov 10, 2011 7:19 am    Post subject: Reply with quote

Dow DOWN nearly 400 Nov. 9, 2011

They got to STOP market selloff  
November  10,  2011
Fears that the worlds third-largest debtor nation, Italy, cannot afford its obligations shook world markets, sending investors into the relative safety (?) of the U.S. dollar and Treasurys.  Italian bonds traded above 7% for the first time, a level unsustainable.

Italian PM Berlusconi said he would resign after the 2012 budget is approved, which sent risk markets rallying.
Greece was one thing, but if you let Italy go off the cliff, you question why you have a euro in the first place.

Asian stocks fall
November  10,  2011  Thursday
Asian shares fell over the eurozone debt crisis.
The falls in Asia followed losses in the US markets.

Last edited by CJ on Sun Dec 29, 2013 4:00 pm; edited 1 time in total
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PostPosted: Thu Nov 10, 2011 10:09 pm    Post subject: Reply with quote

Italy's debt crisis: Why everyone is panicking

Nov. 10, 2011
Fears that Italy will not be able to pay its creditors raises fears of another global economic meltdown.
World financial markets erupted in turmoil this week, as fears mounted that Italy could default on its massive government debt. The crisis has already cost Italy's controversial prime minister, Silvio Berlusconi, his job. But why is it scaring people across Europe, and even here in the U.S.? Here, a brief guide:

Is Italy really in such bad shape?  YES.
The country has financed years of lavish social benefits by borrowing and borrowing, piling up $2.6 trillion in sovereign debt. That's 130 percent of the country's gross domestic product of $2 trillion — way beyond what economists say any country can manage for long.
As investors lose faith that Italy's leaders will ever get their finances in order, Italy is having to offer a higher and higher interest rate on its bonds just to borrow enough money to get by. On Wednesday, that rate spiked above 7 percent, the tipping point at which economists say a country's debt becomes unsustainable. Shortly after Greece, Portugal, and the Irish Republic hit that level, they had to be bailed out.

Why don't European leaders just rescue Italy, too?
It's too big to bail out. It's basically "Greece on steroids," says Kevin Drum at Mother Jones. Italy's economy is the eighth largest in the world, more than six times larger than Greece's. And Italy owes its creditors more than Greece, Ireland, Portugal, and Spain combined owe.
It would take nearly $1 trillion to rescue Italy, Capital Economics' John Higgins tells Forbes, but the European Financial Stability Facility — the EU's bailout fund — has as little as $340 billion left in it.

Can Italian leaders clean up their own act?
Maybe, but it might be too late. Berlusconi's final act was putting together an austerity plan that would slash the country's budget deficit from 3.6 percent of GDP to 2 percent, which is quite low. Take out the interest on its debt, and Italy already runs a surplus. But Italy has let its total debt grow so large that it will have to borrow 300 billion euros — "a massive 19 percent of GDP" — in private capital markets just to pay off bonds that mature in 2012.
"No one wants to lend to a country when that country would use the loan to pay the interest on previous loans," says Robert Peston at BBC News, "That's throwing good money after bad."

What happens if Italy defaults?
Many people fear that Italy's collapse could send borrowing costs spiralling higher across Europe, spreading the crisis to other big economies, such as France. To pay off its debts, Italy might even abandon the euro and pay its creditors with a new domestic currency, at a one-to-one exchange. "The currency would then 'float' (i.e., sink)," says The Economist, and the magnitude of its drop in value would determine how much Italy's default would cost the banks and other investors that lent it euros. The losses could cripple Europe's financial system and spark runs on banks in Italy, then in other debt-burdened countries. Businesses would go under.
The chaos could "send shockwaves around the world," says Michael Schumann at TIME, "that would rival, even possibly exceed, the ones we saw extend from Wall Street in 2008."

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