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 Post subject: Italy's Downward Spiral Accelerates
PostPosted: Mon Jul 18, 2011 5:34 pm 
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http://www.spiegel.de/international/eur ... 92,00.html
Quote:
The Sweet Poison of Berlusconi

International financial markets have lost their faith in Italy and Italians have lost their faith in their leader. Prime Minister Silvio Berlusconi has led his country into the economic doldrums and the moral abyss. And he has shown no interest in solving any of the myriad problems which plague the country.

Part 1: Italy's Downward Spiral Accelerates
Part 2: Rampant Amorality
Part 3: Screwing Italy
Part 4: The Disintegration of Political Culture
Part 5: The 'Insidious Coup'
Part 6: A Laughing Stock



There is more.

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 Post subject: Re: Italy's Downward Spiral Accelerates
PostPosted: Mon Jul 18, 2011 5:46 pm 
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Berlusconi makes CJ look like FDR.


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 Post subject: Re: Italy's Downward Spiral Accelerates
PostPosted: Mon Jul 18, 2011 5:51 pm 
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That article could be entitled "The Italian case against democracy".

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 Post subject: Re: Italy's Downward Spiral Accelerates
PostPosted: Tue Jul 19, 2011 8:58 pm 
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UniCredit is target of speculative short-selling-CEO -> http://www.reuters.com/article/2011/07/ ... 9420110712

Quote:
(Reuters) - UniCredit, Italy's biggest bank by assets, is being hit by speculative short-selling that bears no relation with Italy's fundamentals nor with the health of the country's banks, CEO Federico Ghizzoni said on Tuesday.
UniCredit shares closed up 5.9 percent on Tuesday, ending a 6-day losing streak in which they fell by around 26 percent, as fears Italy is getting sucked into the euro zone debt crisis grew.

there is more


UniCredit Shares Halted in Milan as Italian Banks Extend Losses -> http://www.businessweek.com/news/2011-0 ... osses.html

Quote:
July 12 (Bloomberg) -- UniCredit SpA was temporarily halted after falling as much as 7 percent in Milan as Italian banks extended losses. The Italian Exchange generally halts trading of a stock when fluctuations exceed 5 percent from the opening price. Milan-based UniCredit, Italy’s biggest bank, is trading at its lowest level since March 9, 2009. Intesa Sanpaolo SpA, the country’s No. 2 lender, declined as much as 7.3 percent and was trading at 1.44 euros, down 5.6 percent, as of 9:27 a.m.

there is more


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


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 Post subject: Re: Italy's Downward Spiral Accelerates
PostPosted: Tue Jul 19, 2011 10:57 pm 
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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.


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 Post subject: Re: Italy's Downward Spiral Accelerates
PostPosted: Tue Jul 19, 2011 11:04 pm 
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HCMh wrote:
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 !

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 Post subject: Re: Italy's Downward Spiral Accelerates
PostPosted: Tue Jul 19, 2011 11:30 pm 
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BoyRacer wrote:
I forgot to mention this last week. Unicredit has popped up a few times on the radar at the IFSC.


Don't they own Pioneer Investments?

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 Post subject: Re: Italy's Downward Spiral Accelerates
PostPosted: Wed Jul 20, 2011 8:06 am 
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jake76 wrote:
BoyRacer wrote:
I forgot to mention this last week. Unicredit has popped up a few times on the radar at the IFSC.


Don't they own Pioneer Investments?


Yes, and they are trying to offload it..

Two reasons why UniCredit needs a sale of Pioneer -> http://online.wsj.com/article/SB1000142 ... 76088.html

Quote:
A sale of Italian bank UniCredit SpA's asset-management arm, Pioneer Investments, has taken on new importance. Not only is Pioneer a noncore business unable to compete with the giants of the fund-management world, but if UniCredit hopes to have a healthy capital ratio when the new Basel III rules are introduced in 2013, it will need the cash to bolster its equity and allow for asset growth over the next few years.

UniCredit maintains that its capital position under the Basel III rules will make it compliant in 2013, as consensus earnings estimates show it accumulating 1.40 percentage points of core Tier 1 capital, which will give it a core Tier 1 ratio of 8.5%, according to Dow Jones Investment Banker calculations. These calculations factor in about €50 billion ($69.5 billion) of risk-weighted-asset growth and no dividend payments. But if it wants to start paying substantial dividends, as it used to, and increase assets, that ratio starts to come up short.

there is more


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 Post subject: Re: Italy's Downward Spiral Accelerates
PostPosted: Wed Jul 20, 2011 10:07 am 
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Larry wrote:
Berlusconi makes CJ look like FDR.


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


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 Post subject: Re: Italy's Downward Spiral Accelerates
PostPosted: Wed Jul 20, 2011 10:13 am 
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YellowRedGreen wrote:
Larry wrote:
Berlusconi makes CJ look like FDR.


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

Three great documentaries on Italy politics and political culture:

Videocracy
http://www.imdb.com/title/tt1500516/

The Berlusconi Show
http://www.bbc.co.uk/programmes/b00r8g99

The Dark Heart of Italy
http://www.bbc.co.uk/programmes/b0074rdl


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 Post subject: Re: Italy's Downward Spiral Accelerates
PostPosted: Tue Jul 26, 2011 6:06 am 
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Italy Cancels August Bond Auction -> http://www.zerohedge.com/news/italy-can ... nd-auction
Quote:
Citing the most hilarious explanation we have ever heard for not daring to approach the capital markets, Dow Jones reports that following a comparable announcement from Austria earlier, none other than clutch euro Domino Italy, whose bond yields surged by about 40 bps today, has decided to take a sabbatical from accessing capital markets, and will not issue medium and long-term bonds in August. Of course, the real reason is that the spreads are prohibitively high but that's a story for another reason. The problem for Italy, however, is that it will end up burning through a lot of cash over the next 45 days and then far more will depend on the successful passage of the country's auctions in the following month, when the next scheduled medium term auction is on September 13 (full auction schedule is here). Amusingly, while all of Europe complains that the Greece, Ireland and Portugal have no capital markets access, some of the better of PIIGS make the voluntary decision to avoid price discovery. We fail to see how this can possibly result in anything than another loss of credibility in the eurozone rescue package.

there is more


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 Post subject: Re: Italy's Downward Spiral Accelerates
PostPosted: Tue Aug 02, 2011 7:28 pm 
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Now that the US has for the moment, sorted its debt ceiling out, wall street remembers the PIGS

http://finance.yahoo.com/news/Spanish-I ... 1.html?x=0

The eurofix wont work. Trouble ahead.


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 Post subject: Re: Italy's Downward Spiral Accelerates
PostPosted: Tue Aug 02, 2011 8:35 pm 
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onlyone wrote:
Trouble ahead.

:!:
:D

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 Post subject: Re: Italy's Downward Spiral Accelerates
PostPosted: Wed Aug 03, 2011 3:11 pm 
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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.


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 Post subject: Re: Italy's Downward Spiral Accelerates
PostPosted: Wed Aug 03, 2011 4:51 pm 
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Berlusconi has just told the Italian parliament that they have well capitalised banks.

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


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