This Monti resignation rumor is so unexpected. Just like spotting a Black Swan on Zurich Lake. (now talking about Black Swans)
BERLUSCONI: Things Have Gotten Much Worse In Italy, And I Am ‘Besieged’ By Requests To Make A Comeback
Italian bond yields are surging, Monti appears to have lost majority in the Senate and rumors that he should resign any minute.
BERLUSCONI’S REVENGE: Italian Market Dives, Yields Spike, Amid New Political Chaos
Everything was [...]
(Reuters) - Greece must hit the targets it has signed up to or risk losing its next tranche of aid from partners, its new finance minister Yannis Stournaras said on Saturday in his first policy speech since taking office.
“Greece must carry out the measures that it has already voted on as part of its 2012 budget so that it moves towards the targets it has committed to and to avoid losing more [...]
via Washington Post:
VATICAN CITY — The Vatican’s inquisition into the source of leaked documents has yielded its first target with the arrest of the pope’s butler, but the investigation is continuing into a scandal that has embarrassed the Holy See by revealing evidence of internal power struggles, intrigue and corruption in the highest levels of the Catholic Church governance.
The detention of butler Paolo Gabriele, one of the few members of [...]
Under pressure to step down over his handling of the Trayvon Martin shooting, Sanford top cop Bill Lee offered to quit his job – but just when he thought he was out, a committee pulled him back in.
The Sanford City Commission rejected by a 3-2 vote the resignation of Police Chief Bill Lee, who was widely criticized for not initially charging George Zimmerman after the shooting.
The police chief had been [...]
A somewhat counter-intuitive lesson to be learned from the political machinations in Greece and Italy – democracy isn’t dead yet (not good news for the markets).
Democracy Isn’t Dead Yet – It’s Just the Euro
“Canned laughter” is frequently used on TV shows to create the illusion of soothing, comedic value in the minds of the show’s viewers. Anyone who has watched a show with “canned laughter” is [...]
Yesterday, when describing the situation in Europe, Robert Rennie, chief currency strategist in Sydney at Westpac said, “with Italy we’re talking about the third-largest government bond market in the world going into a meltdown situation.” That meltdown situation could commence as soon as a few hours from now when the 2010 budget review is voted on. Here is Credit Suisse Giovanni Zanni summarizing the probability outcome matrix for Italy [...]
Greece’s prime minister George Papandreou will resign today, according to Pasok party sources.
A possible replacement for Mr Papandreou is currently being discussed, Sky sources have indicated.
The development comes after the country’s opposition leader insisted the PM must go to save the economy.
Antonis Samaras said he was willing to help in the formation of a coalition government – but not until Mr Papandreou stepped down.
Mr Samaras met with Greece’s president [...]
IMF says Italy’s plans to deal with its huge debt crisis lacks credibility:
The head of the International Monetary Fund, Christine Lagarde, has said that Italy’s planned budgetary reforms “lack credibility”.
Italy agreed a limited package of budget reforms on Wednesday evening.
But the Italian cabinet failed to agree to issue a decree implementing the changes, meaning that they must now go to a confidence vote in parliament.
Ms Lagarde said the [...]
World leaders balked at writing new checks to help bail out the euro-area, demanding its own governments first do more to fix the two-year-old debt crisis.
Global policy makers demanded more details of a week-old rescue package before they commit fresh cash to the International Monetary Fund, which could then lend to Europe’s bailout facility, German Chancellor Angela Merkel said at the end of a Group of 20 summit in Cannes, [...]
Greek Prime Minister George Papandreou has struck a deal with ministers to step down and hand power to a negotiated coalition government if they help him win a confidence vote on Friday, government sources with knowledge of a cabinet meeting said.
ATHENS/CANNES, France (Reuters) – Intense European pressure forced debt-stricken Greece to seek political consensus on a new bailout plan instead of holding a referendum after EU leaders raised the prospect of a Greek exit from the euro to preserve the single currency.
Fast-moving events in Athens overshadowed the first day of a summit of the Group of 20 major economies on the French Riviera on Thursday, [...]
Prime Minister David Cameron has told the BBC it is “right” to consider boosting funds to the International Monetary Fund at a time of crisis.
Mr Cameron, in Cannes for a meeting of the G20 industrialised nations, said there was “no risk” to UK taxpayers.
The BBC’s Nick Robinson says it could mean eurozone nations like Greece are indirectly helped by the UK.
Meanwhile one of Mr Cameron’s treasury ministers told MPs [...]
The dismissal of Greece’s top military chiefs has the opposition up in arms. With the Greek crisis worsening by the day, PM George Papandreou has been accused of trying to rein in the armed forces before a potential government collapse.
Sweeping changes to Greece’s military leadership were approved by Prime Minister George Papandreou during a meeting of the Foreign and Defense Council in Athens today.
The Chief of National Defense, as well [...]
The next 8bn euros of rescue loans will be withheld from Greece until after its referendum on the eurozone rescue plan, European leaders say.
French President Nicolas Sarkozy said it could be held on 4 or 5 December.
German Chancellor Angela Merkel said the vote was over whether Greece wanted to stay in the eurozone.
Greek PM George Papandreou was summoned for crisis talks ahead of the G20 summit in Cannes to [...]
Silvio Berlusconi faces a concerted attack from Italy’s opposition parties Photo: REUTERS
9:54PM GMT 02 Nov 2011
“We think that next week will be a week in parliament where we try to force the situation if Berlusconi does not resign before,” Enrico Letta, deputy general secretary of the party, said.
The PD, the largest opposition group in parliament, has called repeatedly for Mr Berlusconi to resign and believes it may have a chance to [...]
Greece’s cabinet has decided to back Prime Minister George Papandreou’s proposal for a referendum on a European Union aid deal, a government spokesman said.
“The cabinet expressed its support,” said government spokesman Elias Mossialos early on Wednesday. “The referendum will take place as soon as possible, right after the basics of the bailout deal are formulated.”
Some ministers leaving the 7-hour cabinet meeting said they had expressed criticism of the decision [...]
Euro And The Greek Confidence Vote
The EUR is set to remain under pressure as the uncertainty regarding Greece intensifies once again. Any comfort for the EUR from reports Merkel and Sarkozy are to meet with the Greek government and IMF officials Wednesday, ahead of the G20, is likely to be short-lived in our view.
Indeed, Friday’s confidence vote in the Greek parliament will be extremely important in our view and will [...]
Greek Prime Minister George Papandreou insists that a referendum on a EU bailout will go ahead despite turmoil on world markets and stunned reactions from other eurozone countries.
He told a Cabinet meeting a referendum would offer “a clear mandate” on Greece’s staying in the euro.
But President Sarkozy of France said the decision “surprised all of Europe”. Stock markets have recorded big drops.
Mr Papandreou is due to meet European leaders [...]
Oct 23 (Reuters) – News Corp’s third-largest investor has urged Rupert Murdoch to sell all his newspapers and double the size of a share buy-back plan, the Sunday Telegraph reported.
“I’d like for them to sell all the newspaper businesses,” Kevin Holt, a senior fund manager at Invesco, told the newspaper. “It’s a digital world now and the competitive advantage that newspapers had has been competed away.”
Invesco holds 1.8 percent of [...]
September 20, 2011
Editor’s note: See Slovenian Government May Collapse Amid European Debt Crisis
As expected earlier, the next domino in the European contagion cascade, has just tumbled after the local government has collapsed following loss of parliamentary confidence vote.
SLOVENIAN GOVT LOSES PARLIAMENTARY CONFIDENCE VOTE – BBG
This means that the pan-European EFSF vote, originally scheduled to be completed by the end of this month, will [...]
The Italian government today announced a cabinet meeting to authorise a confidence vote on an austerity package to speed its adoption amid the euro zone member’s burgeoning debt crisis.
Italy announced the €45.5 billion austerity package last month, but its credibility among investors had been undermined by several changes the government made in the following week.
After Prime Minister Silvio Berlusconi met with coalition leaders today [...]
A wooden sculpture of a man’s head locked in a vise sits on a cabinet behind Aristotelis Karytinos, general manager of real estate at the National Bank of Greece and a government adviser on the sale of state assets. “That’s how we’re all feeling lately,” says Karytinos. Greece has committed to raising an unprecedented €50 billion ($71 billion) from state assets by 2015 as part of plans [...]
Greek opposition leader: austerity will not work
Greece’s opposition leader insists the austerity program designed to pull the country out of its debt crisis “will not work” and must be renegotiated.
Conservative party leader Antonis Samaras spoke Tuesday night during a debate ahead of a crucial parliamentary confidence vote for the Socialist government. Prime Minister George Papandreou called the vote to face down an internal party [...]
Well, the Papandreou government got one step closer to a bailout, winning a key confidence vote, but…
The euro is slipping a bit.
SAN FRANCISCO (MarketWatch) — Greek Prime Minister George Papandreou survived a key no-confidence vote on Tuesday, paving the way for the introduction of critical measures to stave off default, according to media reports. The vote follows days of protests, at times violent, over austerity measures which are viewed as necessary to shore up the country’s economy. – Source
Greece’s no confidence vote, which could end prime minister George Papandreou’s government, now looks likely to happen on Tuesday, rather than today or Monday, according to the AP
ATHENS, Greece (AP) — Greek Prime Minister George Papandreou called on Sunday for a fall referendum on “changes to the political system,” including to the country’s constitution.
Opening a three-day parliamentary debate that will culminate [...]
Greece: One step closer to the precipice
Greece’s sovereign crisis has reached a critical phase, and the likelihood of a disorderly outcome has risen dramatically in the last 48 hours.
Two-year Greek bond yields breached the 30% mark, while Irish and Portuguese yield spreads reached one-year highs.
In the meantime, Greek economic and fiscal data continue to disappoint, and public discontent is rising in the face of the [...]
TOKYO — Japanese opposition parties submitted a no-confidence motion against Prime Minister Naoto Kan, who refused to resign earlier Wednesday over his handling of the crisis caused by the March 11 earthquake and tsunami.
“What is most sought by the people is for us to work together to achieve reconstruction and resolve the nuclear crisis,” Kan said during a heated parliamentary debate with opposition leaders. “I [...]
Like PM, like MP. At least in Italy they don’t hide when going about their prostituing business, either on the receiving or giving end… From IBT: “A member of the Italian government led by Italian Prime Minister Silvio Berlusconi was caught ogling at an escort’s website on his iPad during a no-confidence debate on Wednesday. Simeone di Cagno Abbrescia, 66, was photographed checking [...]
Rome and Milan yesterday was absolute mayhem and bedlam. This comes after an attack on La Scala Opera House in Rome. Students occupy many areas of the city
UK protestors threatened the Royal Family with “off with their heads” and almost broke into the Parliament building.
Irish protests ongoing but not reported by press. Government fell and parliament raided.
Air traffic controllers general strike in Spain forces Zapatero to declare another [...]