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December 31, 2019, 11:13:54 am ciwarrior1 says: The King James bible is NOT the pure word of God. In fact there are many errors in it. That is why the Pilgrims rejected the King James bible and relied on the Geneva Bible. In fact, the King James Bible is a paraphrase. The Bishops Bible, the Great Bible, and the Geneva Bible were used to produce the King James. Also, King James used the Massoretic text for the Greek and this text has proved to be faulty. The oldest Massoretic text dates back to about 950 AD with it coming out in book form in about 1000 AD. However, the dead sea scrolls proved that the Massoretic text wasn't even a viable text when you consider that the dead sea scrolls supported the Greek Septuagint over 90% of the time over the Massoretic text. The Massoretic text comes from the Jews who are the Synagogue of Satan. They are corrupt and vile, and they are not God Yahweh's chosen people Israel. True Israel are the white Caucasian, Celtic, Anglo Saxon, Germanic, Scandinavian, and kindred people in the world today. You would be better off getting the Ferrar-Fenton bible, the Rotherham Bible, and so forth. These bibles are more accurate than the King James Bible. However, there is an agenda to misinterpret the bible. For example, according to the bible race mixing is a sin. However, how many church's promote race mixing because they think that the King James bible says so. It doesn't, but since the read it and don't do any investigation, they just believe it. Also, many Christian pastors are crypto Jews just like Pastor David Jeremiah, Benny Hinn, and so forth.
December 31, 2019, 11:10:09 am ciwarrior1 says: The King James bible is NOT the pure word of God. In fact there are many errors in it. That is why the Pilgrims rejected the King James bible and relied on the Geneva Bible. In fact, the King James Bible is a paraphrase. The Bishops Bible, the Great Bible, and the Geneva Bible were used to produce the King James. Also, King James used the Massoretic text for the Greek and this text has proved to be faulty. The oldest Massoretic text dates back to about 950 AD with it coming out in book form in about 1000 AD. However, the dead sea scrolls proved that the Massoretic text wasn't even a viable text when you consider that the dead sea scrolls supported the Greek Septuagint over 90% of the time over the Massoretic text. The Massoretic text comes from the Jews who are the Synagogue of Satan. They are corrupt and vile, and they are not God Yahweh's chosen people Israel. True Israel are the white Caucasian, Celtic, Anglo Saxon, Germanic, Scandinavian, and kindred people in the world today. You would be better off getting the Ferrar-Fenton bible, the Rotherham Bible, and so forth. These bibles are a not more accurate than the King James Bible. However, there is an agenda to misinterpret the bible. For example, according to the bible race mixing is a sin. However, how many church's promote race mixing because they think that the King James bible says so. It doesn't, but since the read it and don't do any investigation, they just believe it. Also, many Christian pastors are crypto Jews just like Pastor David Jeremiah, Benny Hinn, and so forth.
August 08, 2018, 02:38:10 am suzytr says: Hello, any good churches in the Sacto, CA area, also looking in Reno NV, thanks in advance and God Bless you Smiley
January 29, 2018, 01:21:57 am Christian40 says: It will be interesting to see what happens this year Israel being 70 years as a modern nation may 14 2018
October 17, 2017, 01:25:20 am Christian40 says: It is good to type Mark is here again!  Smiley
October 16, 2017, 03:28:18 am Christian40 says: anyone else thinking that time is accelerating now? it seems im doing days in shorter time now is time being affected in some way?
September 24, 2017, 10:45:16 pm Psalm 51:17 says: The specific rule pertaining to the national anthem is found on pages A62-63 of the league rulebook. It states: “The National Anthem must be played prior to every NFL game, and all players must be on the sideline for the National Anthem. “During the National Anthem, players on the field and bench area should stand at attention, face the flag, hold helmets in their left hand, and refrain from talking. The home team should ensure that the American flag is in good condition. It should be pointed out to players and coaches that we continue to be judged by the public in this area of respect for the flag and our country. Failure to be on the field by the start of the National Anthem may result in discipline, such as fines, suspensions, and/or the forfeiture of draft choice(s) for violations of the above, including first offenses.”
September 20, 2017, 04:32:32 am Christian40 says: "The most popular Hepatitis B vaccine is nothing short of a witch’s brew including aluminum, formaldehyde, yeast, amino acids, and soy. Aluminum is a known neurotoxin that destroys cellular metabolism and function. Hundreds of studies link to the ravaging effects of aluminum. The other proteins and formaldehyde serve to activate the immune system and open up the blood-brain barrier. This is NOT a good thing."
http://www.naturalnews.com/2017-08-11-new-fda-approved-hepatitis-b-vaccine-found-to-increase-heart-attack-risk-by-700.html
September 19, 2017, 03:59:21 am Christian40 says: bbc international did a video about there street preaching they are good witnesses
September 14, 2017, 08:06:04 am Psalm 51:17 says: bro Mark Hunter on YT has some good, edifying stuff too.
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« on: November 07, 2011, 11:11:50 pm »

http://news.yahoo.com/pressure-mounts-italys-berlusconi-quit-144350508.html

11/7/11

Pressure mounts on Italy's Berlusconi to quit

ROME (AP) — 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.

Investors want the government to quickly pass measures to boost growth and cut debt. But defections from Berlusconi's coalition government mean he no longer commands enough loyalty to pass the reforms.

Increasingly, Berlusconi is himself being seen as the problem.

If Berlusconi should resign or lose a confidence vote, President Giorgio Napolitano would decide whether to call early elections, or name a government of technocrats rather than politicians. The most widely discussed name to lead a technical government is Mario Monti, the former EU competition commissioner who once blocked General Electric's takeover of Honeywell.

The opposition center-left has long demanded the resignation of Berlusconi, citing sex scandals, criminal prosecutions and legislative priorities it says are aimed at protecting his own business interests rather than those of the country. However, it has failed to come up with a leader who can energize the base and create a credible program, leaving the opposition divided and rudderless.

The ultimate fear is that Italy cannot pay for its euro1.9 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 yield on Italy's 10-year bonds jumped another 0.42 of a percentage point Monday to 6.67 percent, its highest level since the euro was established in 1999. That is drawing uncomfortably near the 7 percent threshold that forced both Ireland and Portugal to accept bailouts. As yields rise, governments must devote more of their national budgets simply to paying interest costs, creating a vicious circle of debt.

When traders thought early Monday that Berlusconi might resign, those borrowing rates eased. But later in the day, when it was clear the 75-year-old would not leave willingly, rates shot up again, reflecting market fears that he is not the leader who can turn Italy around.

"The leader and his country are in danger of taking the rest of Europe, if not the world, into economic hell," said Louise Cooper, markets analyst at BGC Partners.

Stocks worldwide recovered from big losses as investors responded to the latest twists in Europe's efforts to control its debt crisis, including speculation over Berlusconi's future.

In New York, U.S. indexes were down much of the day on worries over Italy, but a late rally pushed the Dow Jones industrial average back above 12,000 on news that Greece could receive the latest installment of emergency aid as long as its two main parties commit to implementing reforms agreed as part of a European debt package.

The European Central Bank said Monday that it stepped up its program to buy government bonds last week, spending euro9.5 billion ($13 billion). It has been buying bonds for weeks to keep a lid on borrowing costs to help prevent Italy and Spain from succumbing to the debt crisis.

Berlusconi had lunch Monday with his children and friends at his villa near Milan, sparking Italian news media to speculate he was devising an exit strategy. But the lunch is a long family tradition and his Facebook page said "the reports of my resignation are without foundation."

Public administration minister Renato Brunetta, a Berlusconi loyalist, acknowledged Monday that the government has a "numbers problem" in parliament and if a majority is lacking then "everybody goes home." Interior Minister Roberto Maroni agreed, adding "it is useless to persist."

James Walston, professor of political science at the American University of Rome, said Berlusconi's time is quickly running out, even though elections are not due until 2013.

"He could go tomorrow. He could go next week. The sort of pressure that he is under, coming from his own people, will make it sooner than later," he said
.

But Berlusconi has remained defiant, insisting he still commands enough support in Parliament.

"I don't understand how rumors of my resignation are circulating," Berlusconi was quoted as saying Monday by Libero newspaper.

Only the loss of a confidence vote can force a government to resign. Opposition leader Pierluigi Bersani said lawmakers are planning exactly that. Political analysts say a vote could come as early as Tuesday, when parliament is expected to approve the state's balance sheets — a routine measure that failed by one vote last month.

Other analysts say should Berlusconi step down, he would seek to have his right-hand man, Gianni Letta, named to succeed him as premier until early elections can be organized. It is not known whether the Italian president, Napolitano, would agree to that.

If the opposition doesn't call a vote of confidence this week in an effort to unseat him, Berlusconi has pledged to call one himself to prove his majority stands, possibly next week, on reforms and other stopgap measures to lower Italy's debt — now near 120 percent of GDP — and revive the dormant economy.

The reform measures include a plan to sell government assets — expected to raise euro5 billion ($6.9 billion) a year for three 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.

Berlusconi has also pledged to raise the retirement age to 67 for all to match European trends, despite the fierce resistance of his allies in the Northern League, on whom Berlusconi relies to govern. They have proven at times difficult allies, exerting a strong independent streak and challenging Berlusconi on key policies. The leader, Umberto Bossi, also has on several occasions expressed doubts about Berlusconi's ability to complete the current mandate.

The leader of Italy's largest labor confederation, meanwhile, predicted 2012 will be a "terrifying" year for the economy even if Berlusconi leaves power. CGIL leader Susanna Camusso also slammed Berlusconi's anti-crisis plan as containing virtually nothing to spark economic growth.

"I hope there will be (early elections), and that they will be soon for the good of the country," she told The Associated Press on Monday.

Mario Draghi, an Italian who just took over as European Central Bank president, said last week that since joining the euro, Italy has enjoyed unnaturally low interest rates for years because its monetary policy has been linked to that of stronger economies like Germany.

"For a long time spreads between sovereign bonds in the euro area were very narrow," he said. "They did not reflect the different realities of different countries."

In contrast, German borrowing costs hit a record low Monday, as investors fled to their bonds as a safe haven in Europe.

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« Reply #1 on: November 07, 2011, 11:49:44 pm »

Is 7% the tipping point for Italy?
7 November 2011, by Jonathan Burton (MarketWatch - Blogs)
http://blogs.marketwatch.com/thetell/2011/11/07/is-7-the-tipping-point-for-italy/

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.”
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« Reply #2 on: November 08, 2011, 12:16:32 am »

Thousands demonstrate against Berlusconi

11/5/11

ROME (AP) — 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 **** 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.

http://news.yahoo.com/thousands-demonstrate-against-berlusconi-181257982.html
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« Reply #3 on: November 08, 2011, 01:40:15 pm »

Berlusconi to resign after parliament OKs reforms

http://news.yahoo.com/berlusconi-resign-parliament-oks-reforms-190121172.html

11/8/11

..ROME (AP) — Premier Silvio Berlusconi promised Tuesday 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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« Reply #4 on: November 09, 2011, 09:14:02 am »

Italy is bust; it’s just a question of when – Italy has a lot of debt, and a lifeless economy8 November 2011, by Matthew Lynn - London (MarketWatch)
http://www.marketwatch.com/story/italy-is-bust-its-just-a-question-of-when-2011-11-08

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.
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« Reply #5 on: November 09, 2011, 09:15:51 am »

Zero Hedge November 8, 2011

Barclays Says Italy Is Finished: "Mathematically Beyond Point Of No Return" http://www.zerohedge.com/news/barclays-says-italy-finished-mathematically-beyond-point-no-return

BTPs Breach 87 Support, 86.955 Last, ECB Makes A Political Statement By Not Intervening http://www.zerohedge.com/news/btps-breach-87-support-86955-last-ecb-makes-political-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-inaction-succeeds-doing-what-nobody-has-achieved-decades-sends-risk-soaring


Zero Hedge November 9, 2011

Market Stalls As LCH Announces Margin Hikes On Italian Debt http://www.zerohedge.com/news/market-stalls-lch-announces-margin-hikes-italian-debt
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« Reply #6 on: November 09, 2011, 09:20:27 am »

Italy 10-year yield rises above critical 7% level
9 November 2011, by William L. Watts - Frankfurt (MarketWatch)
http://www.marketwatch.com/story/italy-10-year-yield-rises-above-critical-7-level-2011-11-09

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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« Reply #7 on: November 09, 2011, 09:24:38 am »

Worldwide Markets Collapse Following Italian Bond Margin Hike9 November 2011, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/worldwide-markets-collapse-following-italian-bond-margin-hike

Excerpt:

The much dreaded LCH margin hike came and went and while initially the market participants thought it was just a joke as nothing bad is ever allowed to happen anymore in these neverneverland markets, a few hours later the realization that this is all too real has finally dawned.

The result is an epic bloodbath everywhere, but nowhere more so than in Europe, where one can kiss Italian bonds goodbye, and shortly French too, as the bond vigilantes demand that the ECB print now or else.

Visually this is presented as follows: a 30 point drop in the ES, an unseen collapse in Italian bonds, and an explosion in the French-Bund spread.

And since nobody can demonize CDS any more, we expect Europe to make selling sovereign bonds illegal next.
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« Reply #8 on: November 09, 2011, 09:26:29 am »

And Now: France
9 November 2011, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/and-now-france

Excerpt:

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. 

 
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« Reply #9 on: November 09, 2011, 03:39:11 pm »

“There Is No Solution for Europe”: Stocks Tumble as Italian Yields Surge
http://finance.yahoo.com/blogs/daily-ticker/no-solution-europe-stocks-tumble-italian-yields-surge-191241349.html

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

http://finance.yahoo.com/q?s=^DJI
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« Reply #10 on: November 10, 2011, 09:06:55 am »

http://www.cnbc.com/id/45228690

11/9/11

Market Selloff: 'Contagion Spreading; They've Got to Stop This'

Fears that Italy, the world's third-largest debtor nation, cannot afford its obligations shook world markets, sending investors into the relative safety of the U.S. dollar and Treasurys.

The measure for pain in this latest market drama has been the yield on Italian bonds, which traded above 7 percent for the first time Wednesday, a level viewed as unsustainable by the markets and the level at which Greece, Ireland and Portugal  sought help. The warning signs were also flashing when the yield curve inverted, and 2-year yields rose above the 10-year, which was at 7.25 percent.

Italian Prime Minister Silvio Berlusconi said Tuesday that he would resign after the 2012 budget is approved, which sent risk markets rallying. However, the lack of clarity around Berlusconi's exit concerned markets and Italian bonds continued to feel pressure.

"This is getting to be a game changer, will we have a euro one day? The market is forcing that issue much faster than any time in the past. It was one thing when it was about Greece. If you let Italy go off the cliff, you're questioning why do you have a euro in the first place," said Nomura Americas Treasury strategist George Goncalves.

"You cannot allow the Italian bond market, the third largest market, the biggest in Europe, to trade like a high-yield market," he said of the $2.2 trillion Italian debt market.

Stocks fell sharply in Europe and the U.S., with banks in the lead. German and French equity markets were both down 2.2 percent.

In the U.S., the Dow had its worst day since Sept. 22, losing 3.2 percent to 11,780. The S&P 500 fell 3.7 percent to 1229, just below a key support level, and the S&P financial sector was the worst-performing major sector, down more than 5 percent.

The U.S. bond market was the beneficiary of the fear trade, with 10-year U.S. Treasury yields sliding to 1.95 percent, in an inverse move to bond prices. The dollar index leapt 1.26 points to 77.85, a 1.7 percent increase, as the euro fell towards 1.35.

Meanwhile, Greece, the market's chief source of worry before Italy took center stage, has been moving to restructure its government. But a meeting of political leaders with the country's president was pushed back to Thursday after a deal on a new unity government collapsed. Earlier Wednesday, Greece party leaders were leaning towards house speaker Filippos Petsalnikos to head the country's new coalition government.

Art Cashin, UBS Financial director of floor trading, said the market got even more jittery when the Greek efforts unraveled. "It was more that Greece can't seem to get its act together, and people realizing this thing Italy is going to vote on isn't even written yet," he said.

Rumors swirled through the morning that the European Central Bank  was holding an emergency meeting. The ECB declined comment, but there was also talk it was in the market buying bonds.

"I think the view has been the 'big bazooka' has been the ECB's balance sheet which can buy an unlimited amount of Italian paper. It will not happen without strings attached which means the ECB will only do that if it is effectively in control of the Italian government," said Amitabh Arora, head of asset allocation research at Citigroup.

"I would make a further prediction if Italian yields stay here, we'll see a further deterioration in risk assets," he said. Arora said ECB bond purchases of $10 to $15 billion a week could stem the rise, but it is not a likely outcome.

ECB official Juergen Stark added to the tension Wednesday afternoon, when he warned European governments not to ask for support from the ECB, making it the lender of last resort.

"It's not just Italy. The contagion is spreading. They've got to stop this," said Marc Chandler, Brown Brothers Harriman chief currency strategist. "The French bond spread to the German bund is at a new high. Three month Libor is at its highest level in more than a year... All of this is showing rising tensions."

"As soon as Italy announces a new government, Greece announces a new government it will help ease the political tension," said Chandler, adding the markets may then shift focus to the next country in line, Spain.

Chandler said the euro could see more selling and easily get to 1.34.

"Maybe the Treasury market rallies a little more but bonds for the most part have priced in this negativity, but what happens to oil and stocks?" said Goncalves.

"The Fed will be the grown up in the room. If this thing gets worse, then the Fed will step up and do intra meeting easing," he said.


"The authorities should understand the gravity of the situation. If they don't, then they are admitting defeat and the euro will be called into question."

George Goncalves
Treasury Strategist, Nomura Americas
Berlusconi won a budget vote Tuesday but lost his majority, signaling a lack of confidence in his leadership.

Last week, Berlusconi agreed to have the IMF monitor the country's economic reform efforts, as investors became increasingly wary of his government's efforts to rein in costs.

"The authorities should understand the gravity of the situation. If they don't, then they are admitting defeat and the euro will be called into question," said Goncalves.

The rising Italian yields triggered a move by two key clearing houses to raise margin requirements. This would raise the cost for banks that use Italian bonds as collateral to borrow in the secured lending market.

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« Reply #11 on: November 10, 2011, 09:03:58 pm »

http://news.yahoo.com/italys-debt-crisis-why-everyone-panicking-113700719.html

11/10/11

Italy's debt crisis: Why everyone is panicking

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?
In a word, 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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« Reply #12 on: November 11, 2011, 09:37:41 am »

Italy Senate approves 2012 budget law: reports
11 November 2011, by William L. Watts - Frankfurt (MarketWatch)
http://www.marketwatch.com/story/italy-senate-approves-2012-budget-law-reports-2011-11-11

Italy's Senate on Friday approved a budget law that includes new austerity measures, clearing the way for the parliament's lower chamber to pass the legislation on Saturday, news reports said.

The bill is widely expected to win final approval Saturday, clearing the way for embattled Prime Minister Silvio Berlusconi to resign, analysts said.

Financial markets have rebounded from a rout earlier in the week on expectations a technocratic government led by economist and former European Union commissioner Mario Monti will replace the outgoing government

and will move to implement the austerity plan and measures aimed at freeing up the nation's labor markets and other aspects of the economy.
 
 
 
 
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« Reply #13 on: November 12, 2011, 01:29:24 pm »

http://news.yahoo.com/italys-berlusconi-resign-end-scandal-hit-era-025519711.html

Italy vote clears way for Berlusconi resignation

ROME (Reuters) - The Italian parliament cleared the way for the resignation of Prime Minister Silvio Berlusconi with the approval of a budget law on Saturday, drawing a crowd of revelers to the streets of Rome celebrating his departure.

Once Berlusconi steps down, former European Commissioner Mario Monti is expected to be given the task of trying to form an administration to manage an escalating financial crisis.

Italy, the euro zone's third largest economy, came close to disaster this week when yields on 10-year bonds soared over 7.6 percent, the kind of level which forced Ireland, Portugal and Greece to seek an international bailout.

Berlusconi, who failed to secure a majority in a vote on Tuesday, promised to resign once parliament passed the package of economic reforms, demanded by European partners.

He is due to hand his resignation to President Giorgio Napolitano after a cabinet meeting that will mark the final act of the Berlusconi government and bring an end to one of the most scandal-plagued eras in Italy's post-war history.

Political sources said he was expected at the presidential palace at 2:30 p.m. EST.

Crowds of demonstrators waving banners mocking Berlusconi gathered outside the president's residence at the Quirinale Palace as the billionaire media entrepreneur who has been Italy's longest serving prime minister prepared to depart.

Demonstrators chanting "resign, resign, resign" and "clown, clowns, clowns" also gathered outside the prime minister's office and parliament, heckling ministers as they walked between the two buildings.

"Finally he is leaving. Finally it is over," Renato Cambursano, a deputy in the opposition Italy of Values said during the parliamentary debate that preceded the vote. "This country has lost all its international prestige and the fault is all yours!" he said.

Napolitano is expected to ask Monti to try to form an administration to tackle the financial crisis, threatening to escalate into an emergency across the whole euro zone.

Monti, named by Napolitano as a Senator for Life on Wednesday, is expected to appoint a relatively small cabinet of technocrat specialists to steer Italy through the crisis.

With the next election not due until 2013, a technocrat government could have about 18 months to pass painful economic reforms but will need to secure the backing of a majority in parliament and could fall before then.

With a public debt of more than 120 percent of gross domestic product and more than a decade of anemic economic growth behind it, Italy is at the heart of the euro zone debt crisis and would be too big for the bloc to bail out.

Financial markets have backed a Monti government and as prospects of Berlusconi going became firmer last week, yields dropped below the critical 7 percent level, although they remain close.

"We don't yet have a new government in Italy and we have to wait, but I'm sure if Mario Monti will be appointed he will do whatever is necessary in order to restore the confidence of the financial markets in Italy," Alessandro Profumo, former head of Unicredit, Italy's largest bank, told Reuters.

SIGNS OF OPPOSITION MOUNT

Berlusconi, fighting an array of scandals and facing trials on charges ranging from tax fraud to paying for sex with an under-aged prostitute, had been under pressure to resign for weeks as the market crisis threatened to spin out of control.

International leaders including President Barack Obama, French President Nicolas Sarkozy and the head of the International Monetary Fund Christine Lagarde have expressed hopes a new government can be in place quickly.

Talks with Italian political parties are expected to begin on Sunday with hopes that a new government can be in place in time for the opening of financial markets on Monday.

However, even as preparations for a transition begin, signs of opposition have appeared, with Berlusconi's PDL party split between factions ready to accept a Monti government and others deeply opposed.

Berlusconi had a working lunch with Monti before the vote, suggesting the outgoing government will not try to block a quick handover, but the attitude of the center-right as a whole remains unclear.

The PDL's main coalition ally, the regional pro-devolution Northern League, has declared it will go into opposition, underlining the risk that the new government will lack the broad parliamentary support it will need to pass deep reforms.

"The convulsions in the center-right at the prospect of a government led by Mario Monti signal a danger: that a divided coalition may be tempted to unload its divisions on the country," the daily Corriere della Sera said.

The center-left Democratic party and smaller centrist parties have pledged support to Monti. Italy's main business and banking associations and some of the moderate trade unions have also called for a government of national unity.

However, the support of the left will be tested if the new government tries to implement the kind of tough reforms to pensions and job protection measures that have drawn strong opposition from unions in the past.

In another warning of the kind of personal attacks he may soon face, the fiercely pro-Berlusconi Il Giornale daily declared Monti had joined "the caste," the tag given to Italy's deeply unpopular political elite.

"SuperMario joins the caste: 25,000 euros a month," it said in a front page article that referred to the salary Monti will receive following his appointment as senator for life by Napolitano this week.

(Additional reporting by Megan Davies in Moscow; Writing by Philip Pullella and James Mackenzie; Editing by Janet Lawrence)
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« Reply #14 on: November 13, 2011, 08:30:33 pm »

Chairman of the European Branch of the Trilateral Commission and Bilderberg Member Becomes Leader of Italy
November 14th, 2011



Mario Monti, the economist who will head an emergency Italian government following the departure of Silvio Berlusconi, brings credentials earned in a decade of battles as a European Commissioner from the 1990s.



He is chairman of the European branch of the Trilateral Commission, a body that brings together the power elites of the United States, Europe and Japan and is also a member of the secretive Bilderberg Group of business leaders and other “leading citizens”.

http://www.reuters.com/article/2011/11/14/italy-monti-idUSL5E7MD0DO20111114
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« Reply #15 on: November 15, 2011, 08:36:05 pm »

http://news.yahoo.com/monti-wind-consultations-italy-government-004014540.html

11/15/11

Monti due to present new Italian government

ROME (Reuters) - Prime Minister designate Mario Monti is expected to unveil Italy's new government on Wednesday after an intense two days of consultations aimed at staving off a major financial crisis that has pushed Italy's borrowing costs to untenable levels.

The presidential palace said Monti would meet President Giorgio Napolitano at 11 a.m. (10 GMT) to tell him formally that a government could be formed.

Monti told reporters Tuesday night the "framework is now clearly delineated" for his government but declined to give details, saying he would work them out "in the next few hours" and brief the president Wednesday before announcing them.

Italian media said he would go to the meeting with Napolitano with his cabinet list ready. It was not clear when the government would be sworn in.

The government, expected to be made up of technocrats, will have to tackle a crisis that has brought Italy to the brink of economic disaster and endangered the entire euro zone.

"I would like to confirm my absolute serenity and conviction in the capacity of our country to overcome this difficult phase," Monti said.

Before the end of the week, the new government is expected to outline its program and seek confidence votes from parliament, which will formally invest it with power.

Monti, who won the backing of all political forces except the Northern League, must push through a tough austerity program demanded by European leaders to restore shattered confidence in Italy and take market pressure off the country.

Yields on Italy's 10-year BTP bonds climbed to over 7 percent Tuesday, the level at which Greece and Ireland were forced into bailouts. [size=14]Italy is too big to be bailed out with the resources currently available[/size].

Emma Marcegaglia, head of the employers association Confindustria, told reporters after meeting Monti: "We said we will support his government very strongly. We think this government is the last chance for Italy to exit from this situation of emergency."

Crucial to Monti's success was the backing of the PDL party of outgoing prime minister Silvio Berlusconi, who was forced to step down Saturday by the fast-worsening crisis.

Napolitano, who has engineered the extremely rapid government transition in response to the collapse of confidence in Italy, nominated Monti for the premiership Sunday night.

The president has called for an extraordinary national effort to win back the confidence of markets, noting that Italy has to refinance some 200 billion euros ($273 billion) of bonds by the end of April.

Monti said his government should last until the next scheduled elections in 2013, despite widespread predictions that politicians intend to give him only enough time to implement reforms before precipitating early polls.
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« Reply #16 on: November 16, 2011, 08:04:12 am »

Monti Forms New Italian Government

ROME — Mario Monti, Italy’s prime minister-designate, unveiled his cabinet on Wednesday and named himself as finance minister, underscoring the urgency to repair the country’s teetering economy at a moment of Europe-wide economic instability.

Mr. Monti said he hoped the new government could restore market confidence and soothe a tense political climate. “We worked seriously and paid close attention to the quality of the choices,” he said at a news conference. He added that he had been encouraged by Italy’s European partners and the international community and that the rapid formation of the government would relieve the pressure of markets on Italy.

The ministers are drawn mostly from Italy’s academic world, some with strong ties to the Catholic Church, but also banking and the upper echelons of civil service.

rest: http://www.nytimes.com/2011/11/17/world/europe/monti-forms-new-italian-government.html
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« Reply #17 on: November 19, 2011, 08:35:48 am »

Italy yield edges up, Spain down; ECB seen buying
18 November 2011, by William L. Watts - Frankfurt (MarketWatch)
http://www.marketwatch.com/story/italy-yield-edges-up-spain-down-ecb-seen-buying-2011-11-18

Italy's 10-year government bond yield erased an earlier decline, while Spain's yield remained lower Friday morning.

Strategists had reported a further round of purchases by the European Central Bank.

Yields fall as bond prices rise.

The yield on 10-year Italian government bonds edged up 1 basis point to 6.72%, while Spain's 10-year yield fell 9 basis points to 6.35%, according to FactSet Research.

The extra yield demanded by investors to hold Italian 10-year bonds over German bunds rose slightly to 4.8 percentage points, while the spread between Spanish and German 10-year yields narrowed by around 10 basis points to 4.46 percentage points.

France's 10-year yield fell by around 10 basis points to 3.53%, narrowing the spread over the German 10-year yield to 1.65 percentage points after hitting a euro-era record at 2 percentage points earlier this week.

A basis point is one-hundredth of a percentage point.
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« Reply #18 on: November 19, 2011, 08:37:06 am »

Is 16-Times-The-Charm For ECB BTP Interventions?
18 November 2011, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/16-times-charm-ecb-btp-interventions

Excerpt:

While the disquieting calm (before the storm) of the last hour in European markets suggests traders sitting on their hands into a bazooka-ridden weekend, we thought a look at what happens when the ECB stops playing may help.

Based on the velocity of price-jump, the last two weeks have seen at least 16 interventions by the ECB into the BTP market and still the price is down significantly.

Most importantly, on the two occasions when the ECB has deemed to let free markets reign, we have seen BTP prices free-fall.

Have a great weekend, Europe.
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« Reply #19 on: November 20, 2011, 09:13:59 pm »

http://www.telegraph.co.uk/news/worldnews/europe/italy/8895003/New-Italian-government-does-not-include-a-single-elected-politician.html

New Italian government does not include a single elected politician

Mario Monti, Italy's new prime minister, appointed a government without a single politician on Wednesday, forming a technical administration which faces the daunting challenge of preventing the country from being dragged deeper into the euro zone debt crisis.

The emergency administration, which is meant to govern Italy until elections are due in 2013, is made up of bankers, lawyers and university professors but not a single elected official – an extraordinary development for a Western democracy.

But it is a deal that much of the electorate and nearly all the mainstream parties have signed up to, in order to save Italy from the economic abyss by trimming the country's bloated bureaucracy, slashing its 1.9 trillion euro debt and unleashing its economic potential after years of stagnation.

Almost none of the new appointees was familiar to the average man or woman in the street – a fact that some Italians hailed as the new administration's chief strength, saying it was above party politics and untainted by any links to the discredited centre-Right government of Silvio Berlusconi or the weak and divided centre-Left opposition. Italy has a track record of appointing 'technical' governments during periods of political paralysis and party deadlock.

------------------------------------------------------------------------------------

They have complained vociferously that he was forced to stand down not by a democratic process but by a "coup d'etat" engineered by Brussels, bankers and the financial markets.

Mr Berlusconi has said that he was not constitutionally obliged to resign, because the vote he lost in parliament last week was not a confidence vote, and that his decision to step down was an act of self-sacrifice and "responsibility".

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« Reply #20 on: November 25, 2011, 02:11:59 pm »


ITALIAN DEBT FUNDING COSTS SOAR



Via: Reuters:

Italy paid a record 6.5 percent to borrow money over six months on Friday and its longer-term funding costs soared far above levels seen as sustainable for public finances, raising the pressure on Rome’s new emergency government.

The auction yield on the six-month paper almost doubled compared to a month earlier, capping a week in which a German bond auction came close to failing and the leaders of Germany, France and Italy failed to make progress on crisis resolution measures.

Though Italy managed to raise the full planned amount of 10 billion euros, weakening demand and the highest borrowing costs since it joined the euro frightened investors, pushing Italian stocks lower and bond yields to record highs on the secondary market.

http://www.reuters.com/article/2011/11/25/us-italy-bonds-auction-idUSTRE7AO0EL20111125
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« Reply #21 on: November 27, 2011, 09:45:14 pm »

http://www.zerohedge.com/news/uncle-sam-rescue-after-all-latest-rumor-sees-%E2%82%AC600-billion-bailout-italy-us-pardon-imf

11/27/11

Uncle Sam To The Rescue After All: Latest Rumor Sees €600 Billion Bailout Of Italy From US, Pardon IMF

The European desperation is palpable ahead of the EURUSD open in a few hours, which has to deal with the aftermath of the Friday afternoon downgrade of Belgium, the junking of Portugal and Hungary, and the prospect of an imminent downgrade of AAA-stalwarts Austria and France. So what does Europe do instead of actually proposing the inevitable debt repudiation that is the only and final outcome? Why more rumors of course. To wit: last night saw the preannouncement of Welt am Sonntag indicating that in order to bypass the lengthy process of treaty changes, Europe would instead proceed with bilateral agreements that would somehow enforce fiscal stability and convince the market that European states would follow the German leader. Well since that is sure to have absolutely no impact, overnight Italian La Stampa is out with a fresh new rumor which cites "IMF sources" according to which the US-headquartered and funded organization would provide a €600 billion loan to Italy at 4-5%. In other words, Uncle Sam, in his role as primary funding agent of the IMF would lose massive amount of money on the "market to fair value" arbitrage, only to bail out the latest European domino. As a reminder, the whole "under market rates" loan from the IMF was implemented in Greece and worked out just swell: at last check the 1 Year Greek bond was trading with a yield of over 300%. Oh, and La Stampa forgot to mention one thing: any changes to the IMF, which currently is massively underfunded and is why the organization was forced to create two new liquidity facilities: a Precautionary and Liquidity Credit line, since it is unable to fund its New Arrangements to Borrow, have to go through US Congress when it comes to expanding funding capacity. Yup, the most dysfunctional, corrupt and criminal thing in the world - the US House of Representatives, where unless everyone is short Italian CDS, this will never pass. In other words: this rumor is dead in the water.

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« Reply #22 on: December 03, 2011, 09:45:45 pm »

Italy's Monti seeks broad support for crisis measures
http://finance.yahoo.com/news/italys-monti-seeks-broad-support-163014318.html?l=1

12/3/11

ROME (Reuters) - Italian Prime Minister Mario Monti met party leaders on Saturday to drum up support for new measures aimed at shoring up public finances, helping growth and calming the debt crisis in the euro zone's third largest economy.

Italy's cabinet is set to approve the package of reforms on Monday, a step seen as vital for re-establishing Italy's shattered credibility with financial markets after a series of unfulfilled promises by the previous government.

The plan will then be outlined during two news conferences - one with foreign reporters - and presented in both houses of parliament in the afternoon.

Government sources familiar with the plan say the mix of cuts and tax rises will total about 20-25 billion euros over the next two years, about half of which will be used to reduce the budget deficit and help balance the budget by 2013 despite the economic downturn and rising borrowing costs.

The rest will free up resources to try to regenerate Italy's recession-bound economy.

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« Reply #23 on: December 05, 2011, 05:54:26 pm »

http://news.yahoo.com/monti-warns-greek-style-risk-italy-231112074.html

12/5/11

Monti warns of Greek-style risk to Italy

ROME (Reuters) - Italy risked a Greek-style economic collapse which could threaten the future of the euro without the austerity package approved by the government, Prime Minister Mario Monti said on Monday, calling on European partners to do their part.

Monti's announcement of the plan on Sunday kicked off one of the most crucial weeks since the launch of the euro more than a decade ago, ending with a summit of European leaders in Brussels on Thursday and Friday to seek a wider set of crisis measures.

"If Italy were not capable of reversing the negative spiral of growth in debt and restoring confidence to international markets, there would be dramatic consequences, which could go as far as putting the survival of the common currency at risk," Monti told parliament.

"Italy is ready to do what it has to do but Europe must not fail to do its part," he said.

The package, dubbed a "Save Italy" decree by Monti, aims to raise more than 10 billion euros ($13.4 billion) from a property tax, impose a new levy on luxury items like yachts, raise value added tax, crack down on tax evasion and increase the pension age.

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« Reply #24 on: December 06, 2011, 12:33:35 pm »

Italy leads bond yields higher after S&P warning
6 December 2011, by William L. Watts - Frankfurt (MarketWatch)
http://www.marketwatch.com/story/italy-leads-bond-yields-higher-after-sp-warning-2011-12-06

European government bonds fell, sending yields higher Tuesday, a day after Standard & Poor's Ratings Services put the credit ratings of 15 euro-zone countries on negative watch.

The move encompassed all euro members other than Cyprus, which was already on negative watch, and Greece, whose CC rating already signals a high risk of default.

The 10-year yield on Italian government bonds, which had fallen sharply on Monday, rose 20 basis points to 6.05%.

Spain saw its 10-year yield rise 4 basis points to 5.17%,

while France's 10-year yield rose 6 basis points to 3.19%.

Germany saw its 10-year yield rise 2 basis points to 2.23%
.
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« Reply #25 on: December 06, 2011, 05:32:58 pm »

http://news.yahoo.com/monti-sees-little-room-amend-italy-austerity-plan-213850485.html

12/6/11

Monti sees little room to amend Italy austerity plan


..ROME (Reuters) - Italian Prime Minister Mario Monti moved on Tuesday to head off any attempts by political parties to water down his 30 billion euro austerity package with amendments in parliament, saying Italy had little time at its disposal to approve the plan.

Speaking in a prime time television interview, Monti brushed off calls from lawmakers among the parties he depends on for a majority to amend measures such as a housing tax, raising the retirement age or suspending inflation indexation of pensions.

"There is little time and the margins of flexibility are minimal," he said when asked about the possibility of amending his proposals for pension reform.

Welfare Minister Elsa Fornero, speaking on another television talk-show, said she was willing to re-consider the de-indexation of pensions if parliament could come up with another way of finding the necessary savings.

The austerity plan, approved by the cabinet on Sunday, is immediately effective but must be passed by parliament within 60 days or it expires. It is expected to be approved before the end of the year.

..
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« Reply #26 on: December 15, 2011, 10:38:24 pm »

http://finance.yahoo.com/news/italys-monti-faces-confidence-vote-234102912.html?l=1

12/15/11

Italy's Monti faces confidence vote on austerity

ROME (Reuters) - Italy's government faces a confidence vote in parliament on Friday, a move to speed up approval of a 33-billion euro ($43 billion) austerity package intended to restore market confidence in the euro zone's third largest economy.

Mario Monti's government of unelected technocrats has an overwhelming majority in both houses of parliament and the vote, to be held in the Chamber of Deputies in the afternoon, should pass easily.

The austerity plan will then move to the Senate, where a similar vote is expected to be held before Christmas, marking the final passage of a decree law that went into effect on December 4 but needed parliamentary approval within 60 days.

Monti's government was appointed last month to face a collapse in market confidence that put Italy at the heart of the euro zone debt crisis. He has raced to push through the package of tax hikes, spending cuts and pension reform aimed at meeting Italy's goal of balancing its budget in 2013.

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« Reply #27 on: December 23, 2011, 02:15:55 pm »

Italy's Senate approves emergency austerity plan
23 December 2011, by Barbara Kollmeyer - Madrid (MarketWatch)
http://www.marketwatch.com/story/italys-senate-approves-emergency-austerity-plan-2011-12-23

Italy's Prime Minister Mario Monti secured approval for his €30 billion ($39 billion) emergency austerity package, media reports said.

The package won a final confidence vote in the Senate after a lengthy debate Thursday evening.

Italy's two main parties, the center-right People of Freedom and the center-left Democratic Party, have opposed the plan, but backed it in the end "for a sense of responsibility."

Monti had called a confidence vote in both parliament chambers to try and speed up the package. The lower house of parliament passed the package last Friday.
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« Reply #28 on: January 06, 2012, 08:03:32 pm »

Italian 10-year yield rises back above 7%
6 January 2012, by William L. Watts - Frankfurt (MarketWatch)
http://www.marketwatch.com/story/italian-10-year-yield-rises-back-above-7-2012-01-06

Italian and Spanish government bonds were under pressure Friday, pushing up yields as both countries prepared to auction debt next week in a key test of market confidence.

The yield on 10-year Italian government bonds rose back above the 7% level to trade at 7.11%, a rise of 16 basis points.

Borrowing costs above 7% are widely seen as unsustainable over the long run.

Spain's 10-year bond yield rose by around 5 basis points to 5.63%.
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« Reply #29 on: January 06, 2012, 08:15:53 pm »

ECB buys Spanish, Italian bonds: report
6 January 2012, Frankfurt (MarketWatch)
http://www.marketwatch.com/story/ecb-buys-spanish-italian-bonds-report-2012-01-06

The European Central Bank stepped into bond markets again on Friday to buy Spanish and Italian government debt after yields jumped ahead of expected auctions by both nations next week, The Wall Street Journal reported.

The ECB has been a regular buyer of Spanish and Italian debt in the secondary market through its Securities Market Program since early August, traders say.

Italy's 10-year yield remained at 7.09%, a rise of 15 basis points from Thursday, but off an intraday high near 7.14%.

Yields rise as bond prices fall.

A yield of more than 7% is viewed as potentially unsustainable for government borrowers over the long run.

Spain's 10-year yield fell to 5.55%, down 3 basis points on the day and well off an intraday high around 5.65%.
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