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Berlusconi: "Italy May Be Forced To Leave The Eurozone And Return To The Lira"

Tyler Durden's picture




 

Reminding the world of just the kind of truthiness that got him sacked originally by that other Italian, the Ex-Goldmanite Mario Draghi, back in November 2011, and which the world has to look forward to when Silvio Berlusconi returns to power some time in 2013, even if not as PM (a position he currently has a snowball's chance in hell of regaining based on current political polls), Reuters informs us that the Italian, who certainly has not read the Goldman book on status quo perpetuation, just said the unimaginable: the truth. To wit: "If Germany doesn't accept that the ECB must be a real central bank, if interest rates don't come down, we will be forced to leave the euro and return to our own currency in order to be competitive." Berlusconi said in comments reported by Italian news agencies Ansa and Agi. The 76-year-old media tycoon has made similar remarks in the past about the possibility of Italy, or even Germany, leaving the euro, but has often at least partially rectified them later." Not this time. Now with Germany and the Buba folding like a broken chair, Silvio is coming back and knows he can demand anything and everything, and Germany has no choice but to accept, Merkel reelection in a few months be damned.

Perhaps the former PM who recently got engaged to this 28 year old girl who obviously loves him for his personality has read our little primer on what happens in a Europe in which external devaluation (i.e., FX) is not a possibility, and where another 30-50% drop in PIIGS salaries would be neccesary to restore competitiveness. That, or a return to the Lira of course. And Berlusconi has seen that in the duel between Greece and Germany so far the former (and specifically its creditors) have gotten all the advantage. It is only a matter of time before he parlays that negotiating approach to Italy as well, and in the process destabilizes whatever artificial balance the ECB may have created.

More from Reuters:

Former prime minister Silvio Berlusconi said on Tuesday Italy would be forced to leave the euro zone unless the European Central Bank gets more powers to ensure lower borrowing costs.

 

Berlusconi, who announced this month he will again lead his People of Freedom party (PDL) in a national election expected in February, said on a talk-show on state broadcaster RAI that the ECB should become a lender of last resort for the currency bloc.

 

Berlusconi is already campaigning hard for the election with a spate of television interviews in an attempt to close the wide gap with the center-left Democratic Party which is polling at above 30 percent, some 14 points above the PDL.

 

Berlusconi was forced to resign as prime minister in November last year as Italian bond yields surged at the height of the euro zone debt crisis.

Enjoy the little European respite ladies and gents, because in a few weeks, the Magic Money Tree-free reality is coming back with a vengeance.

 

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Tue, 12/18/2012 - 20:15 | 3076864 The Alarmist
The Alarmist's picture

Yeah, and Italy may be forced to down a Grappa or Sambuca on its way out the door. Bunga Bunga!

Long Live Silvio.

Tue, 12/18/2012 - 21:07 | 3077040 ball-and-chain
ball-and-chain's picture

Italy ain't going no where.

The Ivy League Mafia has a lot invested in the Eurozone.

Not one of those countries will be allowed to leave.

That's when you'll see NATO tanks rolling in.

We're dealing with the most powerful people in the world.

They aren't going to give up their juice willingly.

Peace.

http://www.angrysinner.blogspot.kr/2012/12/wednesday.html

Tue, 12/18/2012 - 21:15 | 3077066 David449420
David449420's picture

If you're the whack job in that blog, I'd suggest you check your meds. They don't appear to be working.

If you're an acolade of that whack job: even more so.

 

Tue, 12/18/2012 - 21:52 | 3077153 Michaelwiseguy
Michaelwiseguy's picture

Reuters

NSA to Store Data Gathered by DHS from Male Penis Recognition Software

Penis Recognition Software will gather from surveillance cameras, images to be stored, along with photographs and X-rays. This tool will provide valuable information in identifying perpetrators in the not uncommon event that a person is raped, for prosecution of this heinous crime. Victims will more easily be able to recognize and identify the criminal, especially when the perpetrator is wearing a mask or facial covering.

The database already has thousands of male member profiles on record gathered from various sources.

By 2020, the Department of Homeland Security hopes to have stored at the National Security Administration's Bluffdale Utah Data Center, 100% of male member profiles residing in the US, in various stages of arousal ranging from flaccid to full erection.

http://www.wired.com/threatlevel/2012/03/ff_nsadatacenter/

Tue, 12/18/2012 - 22:12 | 3077212 CPL
CPL's picture

I'll have the biggest file on that server that fits neatly on a thumb drive...

Tue, 12/18/2012 - 23:15 | 3077403 TBT or not TBT
TBT or not TBT's picture

"They" made a hack to webcam firmware that turns off the LED that tells the user whether it is on or off, the theory being that more profiles can be obtained, along with details such as handedness, kleenex box artwork practices, characteristic twitches and sounds, among other details.

Tue, 12/18/2012 - 22:32 | 3077270 Tommy Gunner
Tommy Gunner's picture

I heard your blog was blocked by BOA.  Any truth to that?

Did you know that George Carlin said Religion is Bullshit?  Ya really - check it out http://www.youtube.com/watch?v=MeSSwKffj9o

And last but not least.... if you are planning a shooting rampage, might I suggest you skip the schools and instead hitch a ride to Wall Street. 

Tue, 12/18/2012 - 22:47 | 3077329 The trend is yo...
The trend is your friend's picture

That kind of talk is gonna get him whacked

Tue, 12/18/2012 - 20:17 | 3076865 CPL
CPL's picture

NO!!

 

..oh wait, who cares.  So what's he really selling?

Tue, 12/18/2012 - 20:19 | 3076869 DCon
DCon's picture

He had better hope his new bride isn't on Lloyd's payroll. He could get himself accidented very quick with talk like this.

 

 

Tue, 12/18/2012 - 20:18 | 3076871 The Alarmist
The Alarmist's picture

Wait a minute ... that's my former intern.  That rat bastard!

Tue, 12/18/2012 - 20:26 | 3076907 kaiserhoff
kaiserhoff's picture

My favorite octogenarian pervert.  Bunga Bunga forevah, Dude.

Tue, 12/18/2012 - 20:28 | 3076916 lineskis
lineskis's picture

 Popcorn time...

Tue, 12/18/2012 - 20:29 | 3076921 q99x2
q99x2's picture

Awh that guy is so old he's ready for an artificial bunga bunga.

Tue, 12/18/2012 - 20:29 | 3076923 otto skorzeny
otto skorzeny's picture

If he were a US politician Pelosi and Feinstein would try to ban his dick-O would want to "look at all the options"

Tue, 12/18/2012 - 20:34 | 3076935 Water Is Wet
Water Is Wet's picture

"If Germany doesn't accept that the ECB must be a real central bank, if interest rates don't come down,..."

What does this mean exactly?  That Italy wants the ECB to print money and give it to Italy?  It's only fair I guess, and that's what central bankers do.  "I like money".

Tue, 12/18/2012 - 21:33 | 3077106 mjcOH1
mjcOH1's picture

 

"If Germany doesn't accept that the ECB must be a real central bank, if interest rates don't come down,..."

"What does this mean exactly?  That Italy wants the ECB to print money and give it to Italy?  It's only fair I guess, and that's what central bankers do.  "I like money"."

That.   And the schnitzel and schnapps at the Berlin summits better change to hookers and blow PDQ.

Tue, 12/18/2012 - 20:34 | 3076942 gould's fisker
gould's fisker's picture

Translation: I may be forced to stop screwing teenagers because now I have a twenty-something girlfriend.

Tue, 12/18/2012 - 20:45 | 3076968 The Alarmist
The Alarmist's picture

Beg to differ ... correct interpretation would be as follows:

"Yes, my wife is 28.  I am also screwing several other women under the age of 28.. This would not be so shocking if I was not married, therefore I am duty bound to be married, and being marrried to a 28-year-old ensures that you can continue to register your outratge at my outrageousness while at the same time keeping up your admiration for my outrageousness."

 

Tue, 12/18/2012 - 21:25 | 3077091 mjcOH1
mjcOH1's picture

Notice the key word "may" in there.....

Tue, 12/18/2012 - 20:41 | 3076947 Yen Cross
Yen Cross's picture

 Here is a good one for you guys. Good old Teflon Silvio/ Court fines Moroccan woman in Berlusconi 'bunga bunga' case

Fuck off you pussie junkster/

Tue, 12/18/2012 - 20:39 | 3076956 Critical Path
Critical Path's picture

As always, what a politician says to get elected and what they do once elected rarely, if ever, share any similarity.  I would say that if elected, Italy returning to their own currency would also have a snowballs chance in hell. 

Tue, 12/18/2012 - 20:46 | 3076960 THE DORK OF CORK
THE DORK OF CORK's picture

Italy needs a Bombolini 

It has got a Bombolini

 

 

http://www.youtube.com/watch?v=VaIdjUTa9yU

Tue, 12/18/2012 - 20:45 | 3076971 booboo
booboo's picture

New Mafia meet old Mafia meet new Mafia meet old...........................................................................

Tue, 12/18/2012 - 20:48 | 3076976 gwar5
gwar5's picture

Bunga Bunga is back. Go for it Burly. Methinks he'll not go so easily this time... hope he goes Iceland on the bankers. 

 

 

 

 

Tue, 12/18/2012 - 20:48 | 3076979 Aurora Ex Machina
Aurora Ex Machina's picture

He'll have a heart attack if he's not careful.

 

 

Due to the new wife, of course.

Tue, 12/18/2012 - 21:36 | 3077116 mjcOH1
mjcOH1's picture

State obituary : "He died with his boots on, and his pants off."

Tue, 12/18/2012 - 20:48 | 3076984 TahoeBilly2012
TahoeBilly2012's picture

But what about the global banskter cabal? They are doing fine in Syria, Italy cant just go and mess things up...

Tue, 12/18/2012 - 21:00 | 3077016 The Fonz...befo...
The Fonz...before shark jump's picture

ZH knew that four years ago

Tue, 12/18/2012 - 21:11 | 3077058 suckerfishzilla
suckerfishzilla's picture

I didn't know that one could use Italy and competitive in the same sentence. 

Tue, 12/18/2012 - 21:47 | 3077142 TBT or not TBT
TBT or not TBT's picture

The black and grey market economy is impressive, and clever.   It has made Italy a pretty, and pretty wealthy, country, behind the worn-out looking walls you see driving around the place.   Italians will work hard for themselves, and mark time for the stupid government or other sclerotic bureaucracies.

Wed, 12/19/2012 - 01:01 | 3077637 Freddie
Freddie's picture

+1

Ahh...someone who has actually been to Italy and who knows the score.   I have been in those homes where it looks like a bomb hit the house.  One of the most beautifully furnsihed homes I ever saw was a house like that.  Not tacky loud stuff that may streotype Italians.  This was N Italy.  If you paint the exterior or make it look nicer - they tax you more. 

Parts of northern Italy have the highest standard of living in the developed world do to small manufacturing in the north.

They have been dealing withn this sh*t for 2,000 + years and have had more practice than most.  They also were 500 years ahead of everybody at one time with interior plumbing and fresh water.  I would not sell them short as they are survivors.  Berlasconi - well as far as we know, at least he is not a Goldman man like Monti and Draghi.  

 

Wed, 12/19/2012 - 01:48 | 3077682 TBT or not TBT
TBT or not TBT's picture

I read my Barzini too.   Spettacolo.    If my italian spelling serves.

Wed, 12/19/2012 - 05:15 | 3077800 Ar-Pharazôn
Ar-Pharazôn's picture

sure no. he isnt part of the system.... he just control every MSM in Italy. he MUST be clean. /sarc off

Tue, 12/18/2012 - 21:44 | 3077136 TBT or not TBT
TBT or not TBT's picture

My DUHmeter just pegged out.   What he did not mention is that Italy..the government of Italy... cannot pay all of the debts and obligations it has taken on in a currency it is unable to simply print.     Lira on the other hand, could be printed. 

For lack of ability to print money, the government of Italy will have to default in more directly enraging ways, by defaulting explictly on a a list of promises it has made, to specific indivduals.   

Italy, historically, doesn't have stable central governments for any long periods of time(I mean exclusing the episode under Mussolini) and by long we are talking 6 months.   When they start not paying their obligations and entitlements the frequency of government change will exceed democratic processes ability to replace elected leaders at a plausible pace.   No politician will be able to meet promises made.   Not possible.

Tue, 12/18/2012 - 22:06 | 3077198 Fred Hayek
Fred Hayek's picture

Uh, before he ventures too far down the line toward reinstating the lira as Italy's currency, he better be damn sure of where Italy's supposed 2,000+ tons of gold are. If they're not in Italy . . .

Tue, 12/18/2012 - 22:13 | 3077221 americanspirit
americanspirit's picture

One of the few honest politicians in the world. No pretense here. WYSIWYG - if only all of ours would be so upfront.

Go Silvio - take the whole ship down with you. Party on.

Wed, 12/19/2012 - 05:24 | 3077817 Acet
Acet's picture

You're kidding me, right!?

The guy got in power and immediatelly started changing the law to avoid being convicted in several trials against him related to corruption and tax evasion. He actually changed the Italian law so that it's near impossible for evidence from other countries (say, information on Swiss Bank accounts) to be admissable in court.

The guy has a huge trail of shady deals behind him (including suspected links with the Mob) and the only reason he got elected in the first place is because he owns most of the MSM in Italy and his TV channels just kept harping about The Great Berlusconi 24/7.

Smart as fox - Yes. Not in the pocket of the bankers - Yes. Honest - No way!

 

Wed, 12/19/2012 - 12:00 | 3078787 Freddie
Freddie's picture

If he is not Goldman and is somewhat for the Italian people then he is a "good" guy.  Compared to what America has - he is a saint.

Tue, 12/18/2012 - 22:55 | 3077345 10mm
10mm's picture

Fuck the euro trash.Wop elite fat old fuck.From a 1/2 a wop,American style.

Wed, 12/19/2012 - 01:49 | 3077686 TBT or not TBT
TBT or not TBT's picture

Wop, wop, wop, wop woppa berlusconi style!

Ooooo bunga bunga!

Wop, wop, wop, woppa berlusconi style

Tue, 12/18/2012 - 23:17 | 3077407 Chupacabra-322
Chupacabra-322's picture

Ay, Mama Mia!!!

Tue, 12/18/2012 - 23:37 | 3077466 Dareconomics
Tue, 12/18/2012 - 23:54 | 3077515 Mister Minsk
Mister Minsk's picture

Slippery when wet in da Bunga Cave!

Wed, 12/19/2012 - 01:17 | 3077648 Charles Wilson
Charles Wilson's picture

Back for one quote.

Catch 22:

"Capt. Nately: Don't you have any principles?
Old man in whorehouse: Of course not!
Capt. Nately: No morality?
Old man in whorehouse: I'm a very moral man, and Italy is a very moral country. That's why we will certainly come out on top again if we succeed in being defeated.
Capt. Nately: You talk like a madman.
Old man in whorehouse: But I live like a sane one. I was a fascist when Mussolini was on top. Now that he has been deposed, I am anti-fascist. When the Germans were here, I was fanatically pro-German. Now I'm fanatically pro-American. You'll find no more loyal partisan in all of Italy than myself.
Capt. Nately: You're a shameful opportunist! What you don't understand is that it's better to die on your feet than to live on your knees.
Old man in whorehouse: You have it backwards. It's better to live on your feet than to die on your knees. I know.
Capt. Nately: How do you know?
Old man in whorehouse: Because I am 107-years-old. How old are you?
Capt. Nately: I'll be 20 in January.
Old man in whorehouse: If you live.

Wed, 12/19/2012 - 02:52 | 3077733 From Germany Wi...
From Germany With Love's picture

A real central bank, Mr. Berlusconi? You mean like the one your country has agreed to in European agreements? Molded after the highly regarded German Bundesbank?

Oh, you meant to say you Italians only joined the currency union because you wanted to siphon as much German money as possible and now suggest the end of the road is approaching with your hint at the ECB being turned into Banco di'Italia?

I see, Mr. Berlusconi.

Wed, 12/19/2012 - 05:20 | 3077811 Ar-Pharazôn
Ar-Pharazôn's picture

italians are a selfish people and they are the best lyiers in the world. then they do a lot of beneficence so they can be happy.

Wed, 12/19/2012 - 11:56 | 3078769 Freddie
Freddie's picture

The Germans should have been smarter to get involved with the corrupt EU and euro.  I don't like Berlasconi but if he is NOT goldman sachs and if he is against the euro and EU then he is okay in my book.

Wed, 12/19/2012 - 05:03 | 3077794 ak_khanna
ak_khanna's picture

Countries around the world are taking on more debt without any fruitful attempts to curb their expenditures. This has resulted in a much more fragile and artificially held up financial system which is on a much shaky ground than it was in 2008. In 2008 companies failed due to excessive leverage and debt and now countries are likely to default because they took on the same bad debt on themselves so that the bankers can continue to gamble in the commodity, stock, bond and currency markets with other people's money and enjoy ever increasing bonuses and pay packages for themselves.

A single currency for an economy as strong as Germany on one hand and relatively weaker economies like Greece or Ireland on the other is not sustainable in the long run. The idea of the stronger countries in the Euro zone to keep on bailing out the weaker ones repeatedly will be a difficult one to sell to the citizens of the economically stronger countries. Their is no practical way to save the Euro, the only thing that the politicians can do is to lavishly spend tax payers money towards bailouts which creates a much bigger crises a few months down the line but does not solve anything.

http://www.marketoracle.co.uk/Article35345.html
www.letstalkmoney2012.in

Wed, 12/19/2012 - 06:02 | 3077832 Anasteus
Anasteus's picture

Don't do that Berlusconi! Do you want to spoil the ashkenazi's Big Plan just before taking into effect???

Wed, 12/19/2012 - 07:34 | 3077883 David99
David99's picture

FED is the biggest criminal on this planet.ZH is only doing good job and reporting correctly. Tyler is a real true person though I have never met him. FED+BOE+ECB+BOJ are the biggest manipulators and JPM +GS +20PD's act on their behalf in this Ponzi Casino. It is all rigged Ponzi Casino. JPM & GS do maximum manipulations from London as no regulators are looking what is going on daily. London is the best place to manipulate Ponzi Casino as no regulators as they are watching porno. Manipulations of highest order without any regulations as every one has been purchased and regulators watching porno. In last 10 trading days, Rio Tinto manipulated by +25% gain and regulators watching porno. JPM doing it. It is just Casino and nothing else. Regulators are watching porno, don't know how Rio Tinto is manipulating daily. On LSE, there is no checks and balances and maximum manipulations daily by Rio Tinto. The market is Casino and the biggest manipulated stock is Rio Tinto and JPM is pulling up daily and no regulations for Rio Tinto in London

Wed, 12/19/2012 - 12:56 | 3079031 JenkinsLane
JenkinsLane's picture

You can say what you like about Berlusconi but the reality is a 76 year old man is having his winkly balls sucked by a stunning 28 year old woman.

Do NOT follow this link or you will be banned from the site!