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

Submitted by Tyler Durden on 06/10/2010 11:44 -0400

Just Reuters headlines for now: all Europe needs is another risk flare up.

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

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

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

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

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

former Goldman man--disgraziato!!

Thu, 06/10/2010 - 11:57 | 406060 williambanzai7

THE GOOD, THE BAD...:

http://williambanzai7.blogspot.com/2010/06/good-bad-and-italy.html

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

Ha!... All of PIGSHItaly is ugly!

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

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

concur. I liked Simon Phoenix too

Thu, 06/10/2010 - 14:50 | 406612 trav7777

dld

Thu, 06/10/2010 - 11:59 | 406065 Mitchman

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

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

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

Z1 just released.

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

http://www.federalreserve.gov/releases/z1/Current/

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

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

67/125

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

"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

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

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

Maybe is not only europe..

forex signals

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

Lovely. Have a happy Weekend, everyone!

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

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

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

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

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

" 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"

http://www.finanznachrichten.de/nachrichten-2010-06/17125029-italy-auste...

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

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

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

There are no shortage with paper, paint and electricity.

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

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

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