Bank Of Italy Says Interest Payments On Debt Subject To Great Uncertainty

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Thu, 06/10/2010 - 11:50 | 406038 etrader
etrader's picture

That should be good enough reason for GS "to try" and get the right way round now its  rolled over its  1K upside down S&P Big ones.....



Thu, 06/10/2010 - 11:54 | 406052 bingaling
bingaling's picture

The reporter who broke the story is Angela Merkel . Can't have the Euro over 1.20 now can we?

Thu, 06/10/2010 - 11:55 | 406054 Cheeky Bastard
Cheeky Bastard's picture

Fucking Draghi. The man singlehandedly pushed Italy to were it is now. 

Thu, 06/10/2010 - 11:56 | 406056 goldfreak
goldfreak's picture

former Goldman man--disgraziato!!

Thu, 06/10/2010 - 12:10 | 406094 ZerOhead
ZerOhead's picture

Ha!... All of PIGSHItaly is ugly!

Thu, 06/10/2010 - 12:11 | 406099 mudduck
mudduck's picture

Gotta love Tuco. Good thing I was there when it happened Blondie. One of the best movie bad guys ever.

Thu, 06/10/2010 - 14:17 | 406478 trav7777
trav7777's picture

concur.  I liked Simon Phoenix too

Thu, 06/10/2010 - 14:50 | 406612 trav7777
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Thu, 06/10/2010 - 11:59 | 406065 Mitchman
Mitchman's picture

Ah,  this looks like a good reason for the algos to go add another 100 points on the positive side of the dow, don't you think?

Thu, 06/10/2010 - 12:03 | 406074 Kina
Kina's picture

GS to BB ..need conveyor belt between stock exchange and print press. Please Hurry.



Thu, 06/10/2010 - 12:06 | 406082 Mako
Mako's picture

Z1 just released.

Not good... -$202B(q2q) for Q1 2010 at $52.126T from $52.902T in Q1 2009.  Credit system is collapsing.


Thu, 06/10/2010 - 12:12 | 406101 ghostfaceinvestah
ghostfaceinvestah's picture

Which table are you looking at?

Just looking at the summary table, it demonstrates what commentors here have been pointing out for months - private debt is down, public debt is growing.

Obviously not sustainable, but net debt is still growing, feeding the exponential equation.

Thu, 06/10/2010 - 12:39 | 406155 Mako
Mako's picture


Total credit market debt.

Total credit/debt is being destroyed at an -$800B annualized rate.

2007 Peak : $4.7T(quarterly rate annualized)

2008 Unable to expand at rate needed ($2.589T)

2009 Started collapsing....($-261B)

2010 Continue collapsing... ($-808B Q1 annualized)

.... eventually liquidation

You are correct though, without the Federal government you would probably be sitting in Mad Max right now, without their debt creation it would probably be negative $2T if not much more.  Eventually they will be flatten by the oncoming train.


Thu, 06/10/2010 - 13:02 | 406257 Dr. No
Dr. No's picture

"You are correct though, without the Federal government you would probably be sitting in Mad Max right now"

I would love to see some of these guys "Face the Wheel" !!

Thu, 06/10/2010 - 13:14 | 406291 Mako
Mako's picture

Most will face their own personal "face the wheel", as we all will.

Mon, 06/20/2011 - 18:23 | 1386652 Hremas
Hremas's picture

Maybe is not only europe..


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Thu, 06/10/2010 - 12:09 | 406091 EManBevHills
EManBevHills's picture

Lovely.  Have a happy Weekend, everyone!

Thu, 06/10/2010 - 12:13 | 406104 mm17101978
mm17101978's picture

As an Italian and a ZH lover, I completely agree on Draghi. Former Goldman man and people here don't know that (most don't) and I can't stand him, as a person as well as a bank thief. About time to pack and move away, at last (considering I am 31)? Best wishes to all ZH readers, writer and to TD!

Thu, 06/10/2010 - 12:14 | 406107 Biggvs
Biggvs's picture

So some Italian fat cat more or less asked for a ratings downgrade so their interest rates can skyrocket? Was he lubed up with a few too many Cinzanos, or was this headline just taken out of context?

Thu, 06/10/2010 - 12:16 | 406120 SteveNYC
SteveNYC's picture

That's ok, today we have 200 DOW points we can give them to help them pay interest. Bernanke, quick, to the chopper.....

Thu, 06/10/2010 - 12:50 | 406226 etrader
etrader's picture

Below 1036 (ES) would be better now GS is the right way round after the fun a games

they had to play with the Big SP Contracts.

Thu, 06/10/2010 - 12:22 | 406133 carbonmutant
carbonmutant's picture

" Bank of Italy Director Salvatore Rossi, speaking before Senate hearing, said Italy’s interest payments on debt were subject to great uncertainty and that a 1% rise or fall in interest rates on debt maturing from 2011 would cut or hike the 2012 deficit by 0.5 percentage points"


Thu, 06/10/2010 - 12:48 | 406218 jbc77
jbc77's picture

Looks like this headline caused a haircut on the Euro. Good.

Thu, 06/10/2010 - 12:52 | 406230 JacksWastedLife
JacksWastedLife's picture

There are no shortage with paper, paint and electricity.

Thu, 06/10/2010 - 14:20 | 406484 MarketTruth
MarketTruth's picture

Now THERE is an idea, the USA could default on the INTEREST payments to the private member owned Federal Reserve. That sounds like a good plan to me.

Wed, 06/16/2010 - 14:37 | 406781 UpShotKnotHoleGrable
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