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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."
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September 11, 2017, 06:59:33 am Psalm 51:17 says: The law of reaping and sowing. It's amazing how God's mercy and longsuffering has hovered over America so long. (ie, the infrastructure is very bad here b/c for many years, they were grossly underspent on. 1st Tim 6:10, the god of materialism has its roots firmly in the West) And remember once upon a time ago when shacking up b/w straight couples drew shock awe?

Exodus 20:5  Thou shalt not bow down thyself to them, nor serve them: for I the LORD thy God am a jealous God, visiting the iniquity of the fathers upon the children unto the third and fourth generation of them that hate me;
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« Reply #60 on: June 10, 2012, 08:32:06 pm »

Bank Holiday in Italy(BNI)

via Drudge:
http://translate.google.com/translate?hl=en&sl=auto&tl=en&u=http%3A%2F%2Fwww.adiconsum.it%2FPages%2FNews.aspx%3Fn%3D1675%26AspxAutoDetectCookieSupport%3D1


BNI depositors unable to make withdrawals / payments, payments of utility bills, mortgage payments, taxes
Peter Giordano, Adiconsum: "Grave of the Bank of Italy's attitude that takes action without considering the impact on depositors, and especially on single-income families and pensioners"

Adiconsum Bank of Italy asks for an urgent meeting and the lifting of the

The Bank of Italy authorized the suspension of payments by Bank Network Investments SpA (BNI) without communicating anything to the depositors.

Very serious and unacceptable - says Peter Jordan, Secretary General Adiconsum - the attitude of the Bank of Italy SpA in each BNI, because highly prejudicial to the interests of customers.

Bank of Italy, in fact, after extending the receivership of the bank, thus giving the impression of an imminent rescue, then gave the green light for compulsory winding up, without giving any prior notice to the depositors, leaving them in no condition to perform any type of operation, even basic ones for daily survival, such as withdrawals / payments, utilities payments, rates, taxes.

We must unfortunately note that offensive measures as those adopted to customers BNI - Giordano complaint - not an isolated case. Decisions without taking into account the heavy impact, particularly on savers in possession of a single bank account on which accrediting salary or pension, are not new to Bank of Italy, and also affected depositors of Banca MB.

The attitude of the Bank of Italy - Jordan continues - is bureaucratic and deed and as Adiconsum we asked in a letter sent to the Bank of Italy and the lifting of the BNI and an urgent meeting to define the way in which customers, especially Fixed-income families and pensioners, can perform normal daily operations.
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« Reply #61 on: June 10, 2012, 09:19:00 pm »

http://www.telegraph.co.uk/finance/financialcrisis/9323070/Italy-in-focus-amid-fears-of-contagion.html

Italy in focus amid fears of contagion

 Italy must make more progress with its financial reforms to avoid being targeted by traders looking for the “next in line” for an international rescue after Spain’s request for help.


Economists and analysts warned that Italy could face a turbulent few days amid concerns about contagion from Spain.

Daniel Gros, head of the Centre for European Policy Studies in Brussels, said: “After Spain, there will not be the margins to help Italy. It will be defenceless and forced to help itself if the situation deteriorates.”
 
The Italian business newspaper Il Sole 24 Ore said the €100bn (£80bn) deal to prop up Spain’s banks “represents the removal of the filter that separates our country from the group of other countries in difficulty”. Another paper, Corriere della Sera, said: “Italy is now the only country in difficulty that has not had to ask for a bail-out.”
 
Compared to Spain, Italy’s banks are stronger and its borrowing lower. But last week Moody’s said Spain’s banking troubles could be “a major source of contagion” for Italy. The rating agency downgraded 26 Italian banks last month, including UniCredit and Intesa Sanpaolo.
 
The Spanish rescue was designed to calm markets ahead of the crucial elections in Greece next Sunday. However, this weekend the anti-austerity leftist party, Syriza, was main­taining its lead in the polls. Evangelos Venizelos, head of the mainstream Pasok party, today said that he had written to the other political leaders warning them of a “bogus impasse” that threatens to return another hung parliament.
 
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« Reply #62 on: June 10, 2012, 09:25:14 pm »

http://www.bloomberg.com/news/2012-06-10/italy-moves-into-debt-crisis-crosshairs-after-spain-bank-rescue.html

6/10/12

Italy Moves Into Debt-Crisis Crosshairs After Spain

The 100 billion-euro ($125 billion) rescue for Spain’s banks moves Italy to the frontline of Europe’s debt crisis, putting pressure on Mario Monti’s unelected government to avoid succumbing to a market rout.

“The scrutiny of Italy is high and certainly will not dissipate after the deal with Spain,” Nicola Marinelli, who oversees $153 million at Glendevon King Asset Management in London, said in an interview. “This bailout does not mean that Italy will be under attack, but it means that investors will pay attention to every bit of information before deciding to buy or to sell Italian bonds.”

Italy has more than 2 trillion euros of debt, more as a share of its economy than any advanced economy after Greece and Japan. The Treasury has to sell more than 35 billion of bonds and bills per month -- more than the annual GDP of each of the three smallest euro members, Cyprus, Estonia and Malta.

Spanish Economy Minister Luis de Guindos said on June 9 that he would request as much as 100 billion euros in emergency loans from the euro area to shore up a banking system hobbled by more than 180 billion euros of bad assets. Mounting concern about the state of Spain’s banks and public finances drove the country’s borrowing costs to near euro-era records last month, dragging up Italian rates in the process.

The problem for Italy is that where Spain goes, there’s always the perception that Italy could follow,” Nicholas Spiro, managing director at Spiro Sovereign Strategy in London said in an interview. ’’There is insufficient differentiation within the financial markets. It is clear as the light of day and has been that Spain’s fundamentals are a lot direr than Italy’s. That hasn’t stopped Italy suffering from Spanish contagion.’’

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« Reply #63 on: June 12, 2012, 01:35:36 pm »

Italian BNI Bank Declares Bank Holiday Until July 1st, People in Panic:
http://sgtreport.com/2012/06/italian-bni-bank-declares-bank-holiday-until-july-1st-people-in-panic/
http://the2012scenario.com/2012/06/more-on-closure-of-bni-italy/
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« Reply #64 on: June 12, 2012, 01:43:02 pm »

Yields for Spanish, Italian bonds spike higher
12 June 2012, by Barbara Kollmeyer - Madrid (MarketWatch)
http://www.marketwatch.com/story/yields-for-spanish-italian-bonds-spike-higher-2012-06-12

The yield on Spain's 10-year bond yield spiked above 6.7% on Tuesday, taking out highs reached last November.

The yield shot up 28 basis points in late afternoon trading, to 6.81%, according to Tradeweb.

That is the highest level on record according to Tradeweb charts, which go back to 2008.

The yield on Italy's 10-year government bond jumped 23 basis points to 6.27%.

As bond yields spiked, European stocks turned lower across the board.

Yields for Spain have been under fresh pressure this week due to disappointment over the bailout plan for the nation's banks.

Italian yields have been moving in lockstep, with concerns as well that that government may need a bailout at some point.
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« Reply #65 on: June 13, 2012, 01:48:37 pm »

Italy borrowing costs rise on Spain concern
13 June 2012, (MarketWatch)
http://www.marketwatch.com/story/italy-borrowing-costs-rise-on-spain-concern-2012-06-13

-- Spanish and Italian yields stay close to highs on fears Spain will need a bailout

-- German bunds under pressure on contagion fears, but auction reassures

-- Italian borrowing costs climb at bill sale
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« Reply #66 on: June 14, 2012, 03:05:14 pm »

http://ca.news.yahoo.com/austrian-minister-says-italy-too-may-bailout-103617019--sector.html

Austrian minister says Italy too may need bailout

6/12/12

VIENNA/ROME (Reuters) - Raising the stakes in Europe's debt crisis, Austria's finance minister said Italy may need a financial rescue because of its high borrowing costs, drawing a sharp denial on Tuesday from the Italian prime minister.
 
Maria Fekter's assessment of the euro zone's third largest economy stoked investors' fears that Europe is far from ending 2-1/2 years of turmoil - a feeling reinforced by Dutch Finance Minister Jan Kees de Jager, who said the euro zone was "still far from stable".
 
A deal by euro zone finance ministers on Saturday to lend Spain up to 100 billion euros ($125 billion) to recapitalize its banks was seen by many in the markets as yet another sticking plaster. Spanish 10-year bond government yields soared to 6.81 percent, their highest level since the euro's launch in 1999.
 
Euro zone rescue funds, already stretched by supporting Greece, Portugal, Ireland and soon Spain, might be insufficient to cope with Italy as well, Fekter said in a television interview on Monday night.

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« Reply #67 on: June 27, 2012, 04:40:12 pm »

Italy Pays More For 6 Month Debt Than America Pays For 30 Year, As LTRO Claims Its First Bank Insolvency
27 June 2012, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/italy-pays-more-6-month-debt-america-pays-30-year-ltro-claims-its-first-bank-insolvency

Today Italy had a rather critical Bill auction in which it sold €9 billion in debt due six months from today.

Obviously, since the maturity is well inside of the LTRO, the auction itself was rather meaningless from a risk standpoint.

Still, the good news is that Italy managed to place the entire maximum amount targeted.

The bad news: it cost Italy more to raise 6 months of debt, or 2.957%, than it costs the US to borrow for 30 years (2.70%).

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« Reply #68 on: July 12, 2012, 10:28:59 pm »

Moody’s Downgrades Italy’s To Baa2 From A3, Negative Outlook – Full Text
12 July 2012, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/moodys-downgrades-italys-baa2-a3-negative-outlook-full-text
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« Reply #69 on: July 16, 2012, 10:36:47 am »

Sicily close to the default: salaries and pensions are at risk
16 July 2012, (Wall Street Italia)
(google trans fom Italian) http://tinyurl.com/7g9x4tw

Org: http://www.wallstreetitalia.com/article/1410721/sicilia-vicina-al-default-a-rischio-stipendi-e-pensioni.aspx

The Region and the 'brink of failure. Sounding the Alarm 'Ivan Lo Bello, Vice President of Confindustria: "It should be rethought and the autonomy necessary to initiate a truth.'"

And 'Greece of Italy: €5 billion hole.

Rome - Sicily is "bankrupt, close to default."

The warning from the pages of the Corriere della Sera and 'Vice President of Confindustria, Ivan Lo Bello, according to which "must be rethought and also the autonomy necessary to initiate a' process-truth '.

Likely to be the Greece of Italy: in the Court of Auditors and the hole €5 billion.

But the debt consolidated, and 'much more' high, warns Lo Bello. "We must take note of the situation and figure out if and 'can move forward."

Van "completely changed the prevailing model of support and to avoid parasitic elements," Lo Bello said in a posting to RaiNews24.

The intent 'to shake the torpor of the Sicilians, from regional to retired employees of the same region that will be the first to be without salary in case of collapse.
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« Reply #70 on: July 26, 2012, 11:02:58 pm »

Egan Jones Triple Hooks Italy: Boots The Boot To CCC+ From B+, Watch Negative
25 July 2012, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/egan-jones-triple-hooks-italy-downgrades-boot-b-ccc-watch-negative

And another country falls to the Egan Who juggernaut.

Synopsis: Italy and its regional governments need to rollover approximately EUR183B in 2012 and EUR214B next year and is likely to experience increasing yields and restricted access without external intervention. Yields on the 10 year bonds are near 6.5%; rates have been rising despite prior ECB purchases. Future intervention by the ECB and IMF will provide some liquidity but might subordinate existing creditors. Italy cannot support all of its debt if the EU economy falters. Debt/GDP will continue to rise and the country will remain pressed. We are downgrading from " B+ " to " CCC+ " , with a neg. watch

Look for the "reputable" raters such to follow suit in downgrading Italy in 2-3 months.
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« Reply #71 on: August 03, 2012, 06:43:20 pm »

http://news.yahoo.com/markets-hold-breath-bold-ecb-action-041413677.html

8/2/12

Spain, Italy reject bailout; Draghi says euro 'irreversible'

Spain and Italy rejected Thursday the need for a bailout after markets fell sharply on disappointment that the European Central Bank did not announce new immediate steps to tame the eurozone debt crisis.
 
ECB head Mario Draghi insisted earlier that the embattled single currency was "irreversible," damning speculative financial market bets against the euro for pushing up government borrowing costs to unsustainable levels.
 
But in the absence of concrete measures, the markets returned to the attack, with Spanish borrowing costs spiking back to danger levels above 7.0 percent and Madrid stocks slumping more than 5.0 percent as Italy was also hit badly.
 
United in adversity, Spanish Prime Minister Mariano Rajoy told a joint news conference in Madrid with his Italian counterpart Mario Monti that their "two countries want to work together" to get through the debilitating crisis.

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« Reply #72 on: August 04, 2012, 09:52:05 am »

S&P downgrades Italian banks on deeper recession
3 August 2012, by Nathalie Tadena (MarketWatch)
http://www.marketwatch.com/story/sp-downgrades-italian-banks-on-deeper-recession-2012-08-03

Standard & Poor's Ratings Services raised its economic-risk score on Italy and downgraded 15 Italian banks, noting the country faces a deeper and more prolonged recession than the firm had originally anticipated.

S&P also lowered its outlook on one bank and removed ratings on four of them from negative Credit Watch.

A severe recession likely will increase Italian banks' problem assets in 2012 and 2013 to levels higher than anticipated, and higher than other banks in Europe, the ratings firm said.

At the same time, the banks' coverage of problem assets has weakened in the past few years, S&P said.

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« Reply #73 on: August 13, 2012, 12:57:53 pm »

Italy's Latest Record Debt Load: Bigger, Faster, More
13 August 2012, by Tyler Durden  (MarketWatch)
http://www.zerohedge.com/news/italys-latest-record-debt-load-bigger-faster-more

Italy just announced its all-time record high general government debt load at €1.973 trillion.

What is perhaps most stunning, given all the talk of austerity, cutting back, reforms, and change is that the size of this debt is growing at an ever-increasing pace that is simply stunning.

Pre-Euro (1999), Italy's debt was growing at a rate of just less than €2 billion per month; in the eight years from then until the crisis in 2008,

Italy's pace of debt growth (fostered we are sure by the convergent cheapness of funding and their immutable belief in invincibility) almost perfectly doubled to €3.8bn per month.

Since 2008, and the onset of excess Keynesian ridicule we assume, Italy's debt load has grown at a stunning pace of €6.4 billion per month and perhaps most incredible; however,

the last nine-months (since the peak 'peak' of the crisis in September of last year) has seen the pace of debt-load growth surge to €9.5 billion per month
.

Sustainable levels of exponential debt growth - sure!
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« Reply #74 on: October 19, 2012, 11:00:58 am »

http://www.france24.com/en/20121018-moodys-downgrades-worlds-oldest-bank-junk

18 October 2012 - 08H57   
Moody's downgrades world's oldest bank to 'junk'

AFP - Moody's credit rating agency on Thursday downgraded the world's oldest bank, Italy's Banca Monte dei Paschi di Siena, to "junk" status on worries government recapitalisation plans will prove insufficient.
 
The lowering of BMPS's rating by two notches to "Baaa3", a non-investment grade, reflects Moody's view that "there remains a material probability that the bank will need to seek further external support," the agency said.
 
Critically exposed to the eurozone debt crisis, in June BMPS was forced to accept a government bailout, borrowing roughly 1.5 billion euros ($1.87 billion) in order to pay off debt and shore up its capital.

The bank has also said it would reduce its workforce by 4,600 people by 2015.
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« Reply #75 on: November 25, 2012, 08:05:25 pm »

450,000 Businesses Shut Down in Italy; Non-Performing Loans Jump 15.3%, Write-Downs 21.6%
25 November 2012, by Mike Shedlock (MISH'S Global Economic Trend Analysis)
http://globaleconomicanalysis.blogspot.nl/2012/11/450000-businesses-shut-down-in-italy.html
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« Reply #76 on: November 26, 2012, 02:57:28 am »

This is such a joke. The robbery by bankers is in full progress!

Of course the debt continues to grow exponentially. That's what a debt-based economy does. You never pay it off because that's not how it works. It's designed to keep people in debt, ever paying interest on money that isn't even the banks money to lend. This is exactly how bankers got to where they are today. It is the ultimate "love of money".
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« Reply #77 on: December 14, 2012, 09:45:39 pm »

Italian debt hits record high of $3.2 trillion
14 December 2012, Milan (AP)
http://www.todayonline.com/World/EDC121214-0000144/Italian-debt-hits-record-high-of-S$3,2-trillion

Italian public debt has swelled to its highest level ever, reaching €2.014 trillion ($3.2 trillion) in October.

The Bank of Italy on Friday said that the debt pile has risen by 3.7% since January 2012, when it was €1.94 trillion.

The Italian economy, the third-largest among the 17 European Union countries that use the euro, is in recession as the government has enacted spending cuts and tax hikes to get a handle on its debts.

Italy has the second-highest debt level as a percentage of its GDP in the eurozone, behind only Greece.

Italy's borrowing costs have been kept down in recent months, thanks mainly to a European aid program it has the option to tap, despite political uncertainty raised by Silvio Berlusconi's possible return to politics.
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« Reply #78 on: February 12, 2013, 12:26:06 pm »

http://news.yahoo.com/popes-resignation-could-hurt-berlusconi-italian-vote-144607951.html

Pope's resignation could hurt Berlusconi in Italian vote
2/12/13

ROME (Reuters) - Pope Benedict's resignation could limit the chances of former Italian prime minister Silvio Berlusconi closing the gap on the center-left frontrunner before this month's election, some pollsters and analysts say.
 
Berlusconi, who seemed certain to lose a few months ago, has staged an aggressive campaign based on tax-cut promises that has eroded the lead of Pier Luigi Bersani's Democratic Party (PD) and raised the prospect of an inconclusive outcome.
 
However, some pollsters say the pope's resignation could clip Berlusconi's wings by eclipsing the election campaign on television and newspapers at a time when he has just 12 days left to win over voters.
 
"This will put the campaign on ice for a while and that is bad news for Berlusconi who still needs to make up ground," said Renato Mannheimer, head of the ISPO polling agency.
 
Final polls published on Friday before a two-week blackout ahead of the February 24-25 vote gave Bersani an average lead of 5.7 points, down from above 10 percent before start of the campaign.

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« Reply #79 on: February 21, 2013, 04:07:50 pm »

http://news.yahoo.com/insight-rome-burn-regardless-italian-election-result-185109216.html

Insight: Rome will burn, regardless of Italian election result

2/21/13

ROME (Reuters) - Regardless of who wins next weekend's parliamentary election, Italy's long economic decline is likely to continue because the next government won't be strong enough to pursue the tough reforms needed to make its economy competitive again.
 
Bankers, diplomats and industrialists in Rome and Milan despair at how Italians are shifting allegiances ahead of the February 24-25 vote to favor anti-establishment upstarts and show disgust with the established parties.
 
That makes it more likely that no bloc will have the political strength to tackle Italy's deep-rooted economic crisis, which has made it Europe's most sluggish large economy for the past two decades.
 
Final opinion polls predict that the vote will deliver a working majority in both houses for a centre-left coalition governing in alliance with technocrat former prime minister Mario Monti. Political risk consultancy Eurasia assigns this scenario a 50-60 percent probability.

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« Reply #80 on: February 23, 2013, 08:02:57 pm »

http://news.yahoo.com/italians-head-polls-crucial-vote-euro-zone-000341355--business.html

Italians head to polls in crucial vote for euro zone

2/23/13



ROME (Reuters) - Italians vote on Sunday in one of the most closely watched elections in years with markets nervous about whether it will produce a strong government to pull Italy out of recession and help resolve the euro zone debt crisis.
 
A huge final rally by anti-establishment-comedian-turned-politician Beppe Grillo on Friday before a campaigning ban kicked in has highlighted public anger at traditional parties and added to uncertainty about the election outcome.
 
Polling booths will open between 02:00 am-04:00 pm EST on Sunday and 01:00 am-09:00 am EST on Monday. Exit polls will come out soon after voting ends and official results are expected by early Tuesday.
 
The election will be followed closely by financial markets with memories still fresh of the potentially catastrophic debt crisis that brought technocrat Prime Minister Mario Monti to power more than a year ago.

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« Reply #81 on: February 25, 2013, 07:11:28 pm »

http://news.yahoo.com/early-results-point-italy-vote-193504380.html

2/25/13

Early results point to Italy vote gridlock

Early results point to gridlock in crucial Italy elections


ROME (AP) -- The prospect of political paralysis hung over Italy on Monday as partial official results in crucial elections showed an upstart protest campaign led by a comedian making stunning inroads, and mainstream forces of center-left and center-right likely splitting control of Parliament's two houses.

The story of the election in the eurozone's third largest economy was shaping up to be the astonishing vote haul of comic-turned-politician Beppe Grillo, whose 5 Star Movement has capitalized on a wave of voter disgust with the ruling political class.

Another surprise has been the return as a political force of billionaire media mogul Silvio Berlusconi, who was forced from the premiership at the end of 2011 by Italy's debt crisis, and whose forces now seemed poised to capture the Italian Senate. His main rival, the center-left Pier Luigi Bersani, was headed toward victory in Parliament's lower house.

The unfolding murky result raised the possibility of new elections in the coming months and bodes badly for the nation's efforts to pass the tough reforms it needs to snuff out its economic crisis. After surging in the wake of exit polls, Milan's main stock index slumped with first projections before closing up slightly.
 
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« Reply #82 on: February 25, 2013, 09:42:02 pm »

This is getting interesting...

http://news.yahoo.com/big-tally-berlusconi-throws-wrench-italys-election-212011992.html

2/25/13

Big tally for Berlusconi throws wrench into Italy's election

Silvio Berlusconi's party appears to have won Italy's upper house, thereby likely preventing one-time presumptive premier Pier Luigi Bersani from forming a governing coalition.


Silvio Berlusconi pulled off a Lazarus-like rise from political oblivion on Monday by securing enough support in Italy’s general election to hobble, or block altogether, the formation of a new government.
 
Early projections were fluid and sometimes contradictory, but the billionaire businessman’s conservative coalition seemed to have won a majority in the senate, the upper house of parliament.
 
Millions of Italians appeared to have been seduced by promises he made during a fiery election campaign, including pledges to repeal and pay back an unpopular property tax and to create millions of new jobs.

His portrayal of his center-left opponents as unreconstructed Communists, and of Germany as an unfairly harsh fiscal task master imposing austerity on Italians, also struck a chord with many voters.
 
But his unexpected victory is likely to plunge Italy into protracted political paralysis, dismaying the rest of Europe and rattling market confidence in the eurozone’s third biggest economy.

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« Reply #83 on: February 25, 2013, 10:25:09 pm »

http://online.wsj.com/article/SB20001424127887323384604578325992879185934.html?ru=yahoo?mod=yahoo_itp

2/25/13

Messy Italian Election Shakes World Markets

ROME—In a national election meant to push Italy further down a path of economic reform, voters delivered political gridlock that could once again rattle Europe's financial stability.

Markets in Europe and the U.S. gyrated even in response to early returns. The Dow Jones Industrial Average swung nearly 300 points, ending with its worst day in almost four months, as the prospects of a stable government appeared to drop.

A majority of voters endorsed parties that had promised to tone down or even reverse the financial sacrifices Italy has promised its European partners, giving surprise lifts to both the center-right coalition of former premier Silvio Berlusconi and a party of protest led by a former comedian.

Late Monday, the left-wing coalition led by the Democratic Party's Pier Luigi Bersani appeared to have gained a razor-thin victory in the lower house of parliament over the center-right coalition headed by Mr. Berlusconi—29.6% to 29.2% with 99.9% of the ballots counted. By leading the vote count in the lower house, the Democratic Party will automatically get the majority of seats and, therefore, will likely receive the mandate to form a government.

The Senate, however, appeared headed for political impasse. The Democratic Party was the leading vote-getter in the upper house as well, by less than one percentage point. But its 31.6% result fails to provide its coalition with a majority to pass legislation. If a new government isn't able to guarantee clear parliamentary support, Italians could return to the polls within months.

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« Reply #84 on: February 26, 2013, 04:31:52 pm »

http://news.yahoo.com/italian-political-deadlock-casts-uncertainty-eurozone-recovery-175129762.html

2/26/13
Italian political deadlock casts new uncertainty on eurozone recovery

Markets tumbled and the value of the euro dropped in response to Italy's election results and their unexpectedly loud rejection of German-imposed austerity policies.


Europe’s murky path to recovery was rattled yet again Tuesday as markets and policymakers tried to digest the unexpected Italian electoral results and the consequences, especially on periphery economies.
 
A political stalemate in Rome all but condemns the country to new elections in less than a year, with all the implications for the economy. But the unexpectedly loud rejection of German-imposed austerity policies fueled market uncertainty over the already wobbly resolve of European governments to stick to fiscal conservative recipes.
 
Markets were stunned by voter rejection of Prime Minister Mario Monti’s austerity and by the triumph of the Five Star Movement, the anti-establishment party led by comedian Beppe Grillo that won the most votes of any single party.

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« Reply #85 on: February 27, 2013, 11:09:06 am »

http://news.yahoo.com/parties-may-struggle-form-government-050731781.html

2/27/13

Parties may struggle to form government in Italy

Challenge of forming coalition government in Italy: protest vote against austerity measures


ROME (AP) -- A center-left group of parties appears to have the best shot at forming a coalition government in Italy after an inconclusive national election, but the challenge is steep and comes amid public anger over austerity measures.

If Italian parties fail to form a governing coalition, new elections would be required, causing more uncertainty and a leadership vacuum, and that possibility rattled financial markets across Europe on Tuesday. In early Wednesday trading in Milan, the FTSE MIB rebounded 0.5 percent even though the country had to pay higher borrowing costs in a pair of bond auctions. The index has a long way to go to recoup the previous day's 4.9 percent fall though.

Pier Luigi Bersani and his center-left allies appeared on Tuesday to have won a narrow victory in the lower house of parliament, while the Senate looks split with no party in control. Silvio Berlusconi, the former Italian premier whose center-right coalition did better than expected, is a key player since his coalition is now the second-biggest bloc in the upper chamber.

Comic-turned-political leader Beppe Grillo, whose 5 Star Movement capitalized on a wave of voter disgust with the ruling political class, had a surprisingly strong showing. His bloc of seats in Parliament could prove crucial in making any coalition government viable.

The two-day election on Sunday and Monday also was a clear rejection of the previous technocratic government led by Mario Monti. That government enacted wide-ranging reforms to the budget and the economy. Though its borrowing rates have fallen in financial markets, the cost to Italians has been high, with Italy mired in recession and unemployment on the rise.

Berlusconi has already ruled out an alliance with Monti, his predecessor, whom he blamed for driving Italy deeper into recession.

On Tuesday, a few seats in Parliament based on Italians' voting abroad still remained to be decided, but their numbers won't ease the gridlock. European leaders pleaded with politicians in Italy to quickly form a government to continue to enact reforms to lower Italy's critically high debt and spare Europe another spike in its four-year financial crisis.

Bersani said he was not opening talks with any potential partners until he submits his program to Italy's president, who taps a candidate to form a government.

Stinging from a loss of some 4 million votes compared to the last election in 2008, Bersani hasn't yet identified who he could try to form alliances with. But top officials in his Democratic Left (PD) party were quick to rule out any deal with Berlusconi.

"As far as I go, absolutely not," Stefano Fassina, a PD official, said of a possible Bersani-Berlusconi alliance.

Whether Tuesday's negative market reaction extends further into the week may hinge on how quickly a solution is reached in Italy.

Berlusconi insisted that a government can be formed and called on Italians to ignore the "crazy" markets.

"Markets go their own way. They are independent and also a little crazy," Berlusconi said, adding that a government can be cobbled together, if rival politicians are willing to "make some sacrifices."

Grillo said his forces would seek to thwart any Bersani-Berlusconi deal. Raising the specter of early elections, he predicted any such coalition will "last seven, eight months. The economy won't let them escape."

Bersani himself later made subtle overture toward Grillo's forces, conceding that the center-left campaign had not gone deep enough for change. "We finished first, without winning," he conceded.

Italy is hugely important for the future of the euro, and its apparent stability over the past six months has been one of the reasons that concerns over the currency have eased. Of the 17 European Union countries that use the euro, Italy has the second-highest debt burden as a proportion of its gross domestic product, at 127 percent.

Only Greece's is higher. Italy has to spend around €80 billion a year just to service its debt.

The worry across financial markets is that Italy's appetite for reform may wane and its debt situation may deteriorate.

That was evident in a pair of bond auctions Wednesday. Though it raised €6.5 billion it had to pay higher interest rates to get investors to part with their cash. The country sold 10-year bonds at a yield of 4.83 percent, way up from 4.17 percent last month. The yield on five-year bonds rose to 3.59 percent from 2.94 percent.

Though Italy's annual borrowing — its budget deficit — is relatively small compared with other euro countries at 3 percent of its annual gross domestic product, its overall debt stands at a colossal €2 trillion.
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« Reply #86 on: February 27, 2013, 11:50:13 am »

http://news.yahoo.com/italy-parties-seek-way-election-stalemate-020012577.html

2/27/13 Italy's political crisis deepens, Grillo refuses to support government

ROME (Reuters) - An Italian political crisis that has rattled the euro zone deepened on Wednesday when two party leaders ruled out the most likely options to form a government and avoid a new election.
 
Populist leader Beppe Grillo slammed the door on overtures from center-left boss Pier Luigi Bersani with a stream of insults while Nichi Vendola, Bersani's junior coalition partner, ruled out a government alliance with the center-right.
 
These two options are currently seen as the only way to avoid returning to the polls in short order after the February 24-25 election, in which a huge protest vote against traditional politicians and austerity policies plunged Italy into deadlock.
 
The prospect of prolonged uncertainty in the euro zone's third-largest economy caused sharp falls on world markets immediately following the election result, but they calmed on Wednesday after solid demand for Italian government debt at an auction, with European bonds, shares and the euro all boosted. [ID:nL6N0BR4F8]
 
The center-left took the most seats in the poll but no single group has a big enough majority to rule.
 
Grillo's anti-establishment 5-Star Movement blocked center-left control of parliament after one of the biggest populist victories in recent European history.
 
Bersani put out cautious feelers to Grillo on Tuesday, suggesting there could be agreement on a short list of measures common to both sides.
 
But he said those supporting a center-left government would have to back it in a confidence vote, which would be essential before it could be installed.

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« Reply #87 on: February 28, 2013, 09:21:09 pm »

http://news.yahoo.com/italys-berlusconi-investigated-corruption-case-123731943.html

Italy's Berlusconi investigated in new corruption case

2/28/13

ROME (Reuters) - Former Italian Prime Minister Silvio Berlusconi is under investigation on suspicion of bribing a senator to change sides in parliament, deepening the legal troubles of one of the key players in the country's post-election deadlock.
 
Berlusconi's lawyer Niccolo Ghedini said the accusation "was without foundation".
 
The allegations were detailed in a document from prosecutors posted on Thursday on the website of Italy's parliament, which must approve the court's request to search a Berlusconi security deposit box and access his phone records.
 
The fresh accusations come as parties including Berlusconi's center-right People of Freedom (PDL) struggle to form a government after this week's inconclusive election, which left no one with a majority in parliament.
 
According to the document, former Senator Sergio De Gregorio told prosecutors Berlusconi paid him 3 million euro ($3.92 million) to switch parties in 2006, a move which destabilized the center-left government and contributed to its eventual collapse.
 
"I told Berlusconi what I wanted... that the party should give me, either the party or he personally, should pay me 3 million," De Gregorio is quoted telling investigators, adding that he needed the money to get out of financial difficulties.
 
No comment was immediately available from De Gregorio's lawyer
.

 
The new allegations emerged during a separate corruption probe against De Gregorio, who left the Italy of Values party in September 2006 and was re-elected as a senator, this time for Berlusconi's PDL, in 2008.
 
In a separate case, prosecutors in Reggio Emilia have opened an investigation into Berlusconi's campaign pledge to return property taxes paid last year if the center-right won the election.
 
The case was opened after two formal complaints filed by citizens, alleging that the offer constituted vote buying. PDL official Deborah Bergamini said in a statement that the investigation was "an illogical action aimed at intimidating anyone whom magistrates do not like".
 
In a statement, PDL Party Secretary Angelino Alfano said "the aggression by magistrates against Silvio Berlusconi is beginning again".
 
He said the party would organize a demonstration "to defend the sovereignty of the People of Freedom and Italian democracy".
 
In response, the head of the National Magistrates Association said: "We firmly reject the accusations, repeated periodically, that justice is used for political means."
 
Berlusconi often states that the cases against him are cooked up by "leftist judges" to damage him politically.
 
Berlusconi is on trial for tax fraud in a case centering on the purchase of broadcasting rights by his Mediaset group, for making public the taped contents of a confidential phone call, and for paying for sex with an underage girl.
 
He has faced up to 30 prosecutions for fraud and corruption over his career, but has never been definitively convicted.
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« Reply #88 on: March 01, 2013, 02:11:03 pm »

http://news.yahoo.com/italy-behind-rise-eurozone-jobless-record-125636910--finance.html

3/1/13
Italy behind rise in eurozone jobless to record

LONDON (AP) — Italy's voters gave their verdict on the austerity medicine they've been forced to take when they went to the polls earlier this week. By Friday, one of the reasons behind the protest was highlighted when the country's unemployment hit its highest level in at least two decades.
 
Official figures Friday showed that unemployment in the country in January rose to 11.7 percent from the previous month's 11.3 percent. January's figure was the highest since the current way of measuring unemployment was introduced in 1992.
 
The unexpectedly large monthly spike was one of the key backdrops to the election results earlier this week that reignited concerns over Europe's dormant debt crisis. No party, or coalition of parties, emerged with enough votes to govern alone, triggering uncertainty in the markets about the future course of Italian economic policy.
 
The rise in the Italian rate, which comes as the country is stuck in an 18-month recession and after a wave of economic reforms and tight budgetary controls introduced to control the country's debt, was also the main reason why unemployment across the 17 European Union countries that use the euro rose to a record 11.9 percent during January from the previous month's 11.8 percent.

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« Reply #89 on: March 01, 2013, 03:21:27 pm »

http://www.reuters.com/article/2013/03/01/italy-finances-idUSL6N0BT79620130301?feedType=RSS&feedName=marketsNews&rpc=43

3/1/13
UPDATE 2-Grim jobless, debt figures underscore Italy's crisis

* Jobless rate hits highest since records began
    * Data shows economy has shrunk since 2001
    * 97,000 jobs shed in January compared to previous month
    * Youth unemployment nears 40 pct


    By Gavin Jones and Naomi O'Leary
ROME, March 1 (Reuters) - Italy's unemployment rate has hit
a 21-year high and its economy is now smaller than it was in
2001, data showed on Friday, underscoring the challenges the
country faces as it struggles to form a government after a
deadlocked election.
   
Joblessness jumped to 11.7 percent in January, and
unemployment among 15-24 year-olds rose to 38.7 percent, both
the highest figures on records dating back to 1992, statistics
agency ISTAT said.
   
"Italy is in ruins," said Rahma Aden, 28, who travels into
central Rome from the suburbs to do cash-in-hand odd jobs and
cleaning work for about 7.50 euros an hour.
   
"People all around me are losing their jobs... If you have
work you hold on to it tight, and keep your mouth closed even if
they treat you badly. Otherwise you'll have your dismissal
letter in your hand in an instant."
   
The country shed 97,000 jobs in January compared with
December, while 310,000 were lost compared with the same month
last year.
   
Italy has been the most sluggish economy in the European
Union for well over a decade. In 2012, real GDP adjusted for
inflation was below the level of 2001, meaning that its economy
has shrunk overall over the last 11 years.

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