Four new polls show comedian Beppe Grillo’s Five Star Movement (M5S) ahead of prime minister Matteo Renzi’s Democratic Party (PD) were an election held today. The next election will be no later than May 23, 2018. Renzi promised to step down if he fails a constitutional reform referendum later this year. The reform referendum will likely be held no later than this October.
Speaking at a joint news conference Italy's Prime Minister Matteo Renzi said "other European banks had much bigger problems" than their Italian counterparts. "If this non-performing loan problem is worth one, the question of derivatives at other banks, at big banks, is worth one hundred. This is the ratio: one to one hundred."
The signs are everywhere - if you choose to look - Europe's banking system is collapsing (no matter what Draghi has to offer). From record lows in Deutsche Bank and Credit Suisse to spiking default risk in Monte Paschi, the panic in Europe's funding markets (basis swaps collapsing) is palpable.
Lionel Messi, football icon for an entire generation of Barcelona and Argentina supporters, and his father Jorge Horacio Messi, have been ordered to pay a fine and sentenced to 21 months in jail for dodging about €4.1 million taxes.
The "In Gold We Trust" Annual Report by fund managers, Ronald-Peter Stöferle and Mark Valek has just been published and is as ever essential reading for all seeking to better understand the gold market.
Hungary will hold a referendum on Oct. 2 on whether to accept any future European Union quota system for resettling migrants as Prime Minister Viktor Orban's government steps up its fight against the EU's migration policies. "The Hungarian government asks Hungarian citizens to say no to mandatory resettlement and to say no to the immigration policy of Brussels. Only Hungarians can decide with whom we want to live in Hungary."
A war of words broke out between Italy's Prime Minister Matteo Renzi and the ECB's Mario Draghi, after the Italian premier dared to criticize Draghi for not having done more to resolve Italy's banking woes when he held a key Treasury job in Rome in the 1990s. "And if people had the strength and intelligence to keep politics out of the banking system a bit before we did it ... we would not have had cases like Monte dei Paschi di Siena." Slowly but surely, the facade of coolness and calmness if rapidly coming off...
Germany exported 7.86 billion euros ($8.75 billion) of arms last year (compared with 3.97 billion euros in 2014) including a controversial 1.6 billion euros sale to Qatar - the Gulf Arab state has been labeled by German opposition parties as an alleged source of funding for ISIS.
What follows is how JPM manipulated the silver markets by selling the Silver contango during illiquid hours, then used their deep pockets to push settlements, then waited until margin calls made the large locals puke their positions. JPM in effect stretched the relationship between forward rates and futures spreads until they made no sense anymore. Not unlike a company trading at 50x earnings. It cannot last long. But it only has to last long enough until the guy with the position opposite you has to liquidate.