Italy's Downward Spiral Accelerates

#1 … 92,00.html


Berlusconi makes CJ look like FDR.


That article could be entitled “The Italian case against democracy”.


UniCredit is target of speculative short-selling-CEO -> … 9420110712

UniCredit Shares Halted in Milan as Italian Banks Extend Losses -> … osses.html

I forgot to mention this last week. Unicredit has popped up a few times on the radar at the IFSC.


People who think that the Irish have problem with giving allegiance to a constitution and abiding by a set of civic laws should read up on Italy.

The country was united by duress. Only 2% of it’s then inhabitants couls speak the Florentine dialect, subsequently adopted as “Italian” at the time of it’s unification. People speak “Italian” at work and dialect at home. Many Lombardians are militantly indepence minded; northerners hate southerners; southerners hate northerners and everyone hates Romans.

The Irish complain (rightly) about the length of tome a tribunal takes.
In Italy, it’s a good result if the presiding judge survives till the end of the investigation; see Paulo Borsellino or Giovanni Falcone.

And then there’s Silvio, about whom it’s all been said. Or maybe not.

What a wonderful country. What a dreadful mess.


I’d struggle to think of any country that doesn’t have these kind of issues to be honest.

Ask anyone from the US what the think of Texans, or New Yorkers ! This is >150 years after a Civil War that killed more Americans than any of their foreign wars & set brother against brother.

Unified societies are something that only university students & politicians talk about; the rest of us looked at the likes of Valéry Giscard d’Estaing & wondered just what the fuck he was smoking if he thought that the Germans & the Irish could share a common currency !


Don’t they own Pioneer Investments?


Yes, and they are trying to offload it…

Two reasons why UniCredit needs a sale of Pioneer -> … 76088.html


Love the line, 'this isn’t politics; this is entertainment democracy"…


Three great documentaries on Italy politics and political culture:


The Berlusconi Show

The Dark Heart of Italy


Italy Cancels August Bond Auction -> … nd-auction


Now that the US has for the moment, sorted its debt ceiling out, wall street remembers the PIGS … 1.html?x=0

The eurofix wont work. Trouble ahead.




I’m naturally positive and optimistic but if Italy falls then surely our pace of adjustment will have to accelerate and we will default.

Either the govt would have to inflict savage welfare and ps pay/pension cuts to keep in surplus without borrowing or else it could start paying these bills in something other than euros.


Berlusconi has just told the Italian parliament that they have well capitalised banks.

Phew! I was a bit worried there for a while.


We should call him ‘Burgessconi’ from now on.


That must mean its “Bunga, Bunga” time !!


Police raid Milan offices of Moody’s and Standard & Poor’s -> … dard-poors


Up there with the Argentinian war on economists who track the real rate of inflation.


Eerily reminiscent of Ireland just before the IMF stepped in except with a little more Italian flavour. Raiding the ratings agencies won’t help them one jot. Tick tock tick tock. Tomorrow will be turbulent in Europe to say the least. Monday could find international markets breathing even more uncomfortably down Italian necks. It’s all just bluster from Italy at the moment.