''Berlusconi: euro is a 'swindle' and Germany wants ''hegemony''

From EU Observer

''Italy's derided and populist ex-PM Silvio Berlusconi is trying to make a comeback ahead of general elections due in spring 2013.

Speaking at a book presentation event in Rome on Thursday (27 September), he called the euro a "big swindle" and said that it would be no "tragedy" if Germany - which has displayed "hegemony, not solidarity" in the crisis - left the common currency.''

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''Monti refuses to rule out Italy using rescue funds''

From Ansamed

''Premier Mario Monti on Tuesday confirmed that he has no intention of standing at next year's general elections after the end of the term of his emergency government of non-political technocrats. He also refused to rule out the prospect of Italy using EU rescue funds, but stressed this would only be to support its bonds in the case of soaring borrowing costs and that there was no question of it needing a Greek-style international bailout. "I exclude the possibility, at least as far as I'm concerned, of considering taking the experience in government beyond the deadline of the next elections," Monti, who is also Italy's economy minister, told a press conference at the end of an Ecofin meeting of European finance ministers.''

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ZeroHedge: ''Italy Just Bailed Out The World's Oldest Surviving Bank''

From ZeroHedge

''Some people know Banca Monte dei Paschi di Siena as one of the biggest banks in Italy (lately best known for being either halted down, about 90% of the time, or up, the remainder) with 3,000 branches, 33,000 employees and 4.5 million employees. Others know it for being the world's oldest surviving bank, founded in 1472 by the magistrate of the then city-state of Siena.''

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Italy: ''Unemployment hits 12-year high as recession worsens''

From Adnkronos

''Italian unemployment in April rose to its highest level in 12 years as companies laid off workers amid a deepening recession for the European-Union's fourth-biggest economy.

Joblessness among Italy's youth, defined as workers between 15-24 years old, was 35.2 percent in April, a 0.8 percent decline from March but 7.9 percent more than April 2011.

Italy is in its fourth recession since 2001 and banks have cut loans to businesses and individuals. Almost 12,000 businesses closed their doors in 2011, while some 3,000 Italian filed for bankruptcy during the first three months of the year, according to economic reports.'' 

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EU: ''Berlusconi says Italy should print money, Germany can leave euro if it disagrees''

From Adnkronos

''Italy should start printing money and Germany can leave the eurozone if it dosesn't like it, ex-Italian prime minister Silvio Berlusconi said on Friday.

"We have tell Europe that the European Central Bank has to start printing money, and change its mission. Otherwise we'll have to say ciao ciao to the euro or tell Germany and France to leave the euro if they disagree," Berlusconi said.''

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''Italy's banks shaken as economic slump deepens''

From The Telegraph

''With the world's third largest debt after the US and Japan at €1.9 trillion (£1.18 trillion), it is big enough to bring the global financial system to its knees. It is also in the front line of contagion as the Greek crisis metastasizes.

Yields on 10-year Italian debt jumped 16 points to 5.86pc on Tuesday after Italy's data agency said the country is sliding even into deeper recession, with GDP shrinking 0.8pc in the first quarter.''

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Zero Hedge: ''Moody's Downgrades 26 Italian Banks''

From Zero Hedge

''Moody's Investors Service has today downgraded by one to four notches the long-term debt and deposit ratings for 26 Italian banks, including five banks that are part of larger groups. In almost all cases, the rating actions reflect concurrent downgrades of these banks' standalone credit assessments, rather than changes in Moody's assumptions about levels of third party support, including Government support.''

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Italy: "Thousands of farms at risk for the 'weight' of taxes"

"Italian agriculture is now in a real situation of emergency. One farm out of three is at risk. Budgets are more and more 'in the red'. Production costs (especially beacuse of the increase in the price of diesel), are uncomfortably soaring and so are contributions and the suffocating 'weight' of bureaucracy. In 2011, more than 20,000 farms closed. And now a lethal blow is going to hit the whole sector: the new tax on rural buildings (Imu), and the increase in the farmland cadastral survey, as decided in the Monti manoeuvre. There is the danger that in the coming three or four years, further 250,000 farms may be forced to close." 


from agi.it....

''Monti to tax Roman Catholic Church properties''

"The Italian technocrat government of Mario Monti has announced plans forcing the church to pay property tax on buildings used for commercial purposes. The tax is estimated to raise revenues of minimum €500 million, with the Catholic Church being one of Italy's largest private real estate holders."


from eu observer....

''Inflation hits Italians as economy falters''

"Using the Italian method to calculate inflation, prices last month rose 3.2 percent over the prior year and 0.3 percent from December, Istat said.

Italians are struggling to make ends meet as their economy falters amid its fourth recession since 2001.

Consumer confidence in January matched December's 16-month low, while the gap between inflation and the increase in wages was the greatest since 1995, national statistics agency Isat said on 26 January in a pair of reports."


from adn kronos...

''A tale of two technocrats - Monti and Papademos''

"Greek Prime Minister Lucas Papademos and Italy's Mario Monti were appointed within days of each other last November to replace politicians who took their countries to the brink of financial collapse.

Both sober former economics professors who have helped cement «technocrat» into the lexicon of Europe's debt crisis, they were rushed in to head emergency governments as fears grew that the entire euro project was heading for a train wreck."

from ekathimerini....

Italy: "Monti Says Any Iranian Oil Ban Should Be Gradual, Exclude Sales to Pay Eni"

read more from bloomberg...


"The leader of financially struggling Italy questioned the scope and timing of a possible European Union halt to Iranian oil purchases, raising an obstacle to stiffer sanctions on Iran’s nuclear activities.

Penalties set to be announced on Jan. 30 should be phased in and exempt crude sold by Iran to pay off debts to Eni SpA (ENI), Italy’s largest oil company, Prime Minister Mario Monti said."

''Italy, state employees striking against budget''

read more.....from ansamed........

"Today is seeing a national strike by public-sector workers called by the FP-CGIL, CISL-FP, UIL-FPL and UIL-PA unions for the entire day. All across Italy there will be protests to demand ''radical change in the budget for equity''. There may also be problems for hospitals, with doctors and nurses taking part: specialist examinations, diagnostic exams and non-urgent surgeries may be at risk, while emergency services, ambulances and urgent surgical operations will be guaranteed."

Italy: 'Gathering storm threatens to send Berlusconi packing'

from adnkronos......

"Two Berlusconi allies defected to the opposition last week, and a third quit last night. Six others called for Berlusconi to resign and seek a more broadly backed government in a letter to newspaper Corriere della Sera. More than a dozen more are ready to ditch the premier’s coalition, Repubblica daily reported yesterday, without citing anyone. Berlusconi said yesterday he was confident he still had a majority"..........READ MORE

'Mario Draghi fears Italian debt spiral'

from the telegraph......

"We must act fast. The sorts of interest rate rises seen over the last three months, if protracted, could lead to an uncontrollable spiral," said Mario Draghi, who takes over as head of the European Central Bank next month.

Mr Draghi said austerity measures must be enacted "immediately" and warned that Italy's €54bn austerity package is "not enough"..............READ MORE

'Italy: Over one-quarter of young people still out of work'

from adnkronos........

"A total 27.6 percent of young people were unemployed in August, a rate almost unchanged from 27.9 percent in July, central statistics agency Istat said Friday"..........READ MORE

Italy: 'National spending cuts to 'pressure local governments'

from adnkronos........

"Prime Minister Silvio Berlusconi won final parliamentary approval on Sept. 14 for a 54 billion-euro austerity package that aims to cut costs and increase taxes in an attempt to stem Italy’s surging borrowing costs.

More than 1,000 mayors of towns and cities protested in Milan last month against the package, which includes cuts to regional and local governments of 4.2 billion euros in 2012 and 3.2 billion euros in 2013"............READ MORE

"Italy strikes as race to pass austerity starts"

from swiss info.........

"Workers across Italy went on strike on Tuesday as the centre-right government of Prime Minister Silvio Berlusconi rushed to secure parliamentary backing for austerity measures vital to keep European Central Bank support.

The eight-hour strike called by the CGIL, Italy's largest union with 6 million members, disrupted public transport including air traffic, underlining a sense of emergency in the euro zone's third largest economy.

Federico Ghizzoni, chief executive of Unicredit, Italy's biggest bank said Europe needed to decide whether it wanted to retain the single currency or "give up"............READ MORE

'Lampedusa, Italy: survivor claims around 100 died on Libya refugee boat'

from the telegraph.......

"The female survivor said: "We were 300, but around 100, especially women, did not survive, and the men were forced to throw their bodies into the sea."

The Moroccan woman's claim contradicted information provided earlier by Italian coast guard spokesman Vittorio Alessandro, who said 300 badly dehydrated refugees were rescued from the boat after it was discovered 90 nautical miles 104 miles south of Lampedusa.

But Antonio Morana, the commander of the Lampedusa port, said rescue speedboats sent out to assist the refugees "saw clothes floating in the sea in the area where they were operating and maybe also corpses."

Morana said rescue workers were not able to check whether there were in fact bodies floating in the water.

"We had to leave to quickly transport the 300 migrants that were in a precarious state of health," he said, adding that darkness made it equally difficult to scan the water for bodies"...........READ MORE

"Italy is 'bound to default''

from the telegraph...........

"The Centre for Economics and Business Research (CEBR) said it had modelled good and bad scenarios for the two countries and Italy could not support its debt even if rates fall back unless the eurozone's third-largest economy sharply increases growth.

"Realistically, Italy is bound to default, but Spain may just get away without having to do so," said the London-based consultancy.

Even though Italy has managed to run tight budgets - and plans to eliminate its deficit by 2014 - with its massive debt it won't be able to escape if it can't boost its growth rate, it said.

It calculated Italy's debt would rise from 128pc of annual output to 150pc by 2017 if bond yields stay above the current 6pc and growth remains stagnant.

The country's economy grew by just 0.1pc in the first quarter of the year"...............READ MORE