This page has been archived and commenting is disabled.
Italy's President Names PD's Enrico Letta Prime Minister, Vote In Parliament To Come
When it comes to Italy, the market may have priced in every possible favorable outcome (the ECB and Kuroda will take care of the rest), but the country still has no Prime Minister and its economy continues to be in freefall with record unemployment and ever higher bank non-performing loans month after month. And while it may have elected a new figurehead president after 6 attempts last week, the choice of Prime Minister will hardly be as simple, especially since as we learned moments ago, the mandate to form a government was just given by president Napolitano to Enrico Letta, deputy of the Democratic Party (which as a reminder is in complete chaos following last week's internal coup and the resignation of its head Bersani over the weekend), at a time when Berlusconi's PDL lead in the polls continues to increase. Why the Bunga veteran would agree to a premiership by his opponents remains unclear, and with a parliamentary vote coming, it is doubtful just how smooth the approval process will be in a country best known for its dysfunctioning political process.
From the WSJ:
Italy's President Giorgio Napolitano summoned Enrico Letta, deputy of the center-left Democratic Party, to a meeting at the president's palace—the first step to naming Mr. Letta prime minister of a new Italian government.
Mr. Napolitano, who was re-elected on Saturday, said this week that he would move quickly to name someone who could run a bipartisan government in the hope of ending a two-month political impasse and setting the country on course for reforms, including changing a dysfunctional electoral law. Mr. Letta is due to see Mr. Napolitano at 12:30 local time.
If, as expected, Mr. Letta is asked to form a new government, he would then proceed to naming his cabinet ministers, and the new administration would have to then win confidence votes in parliament before starting its tenure. If his government were confirmed by parliament, Mr. Letta—who is 46 years old—would become one of the youngest leaders in Europe.
What makes things especially complicated, is that according to the latest Ipsos poll, it is the PDL that should get the PM mandate according to popularity, something Berlusconi is keenly aware of:
- Centre-right 34.7% (PDL 28.2%),
- Centre-left 29% (PD 24.7%),
- M5S 24.1%,
- Monti/centre 8.9%
Adding insult to injury, Letta is an "anti-austerian", saying austerity measures are no longer sufficient to help with the crisis, which means if he is elected, he and Merkel (and of course Schaeuble) will clash head on, as he picks up the baton where Berlusconi left off in November 2011 - hardly a prescription for a happy ending.
So watch this space: if the vote for Letta is not as smooth as the market anticipates (and this one can't be blamed on the winter weather), expect a prompt return to completely chaotic baseline, which if Belgium is any indication, may just be the best possible outcome for Italy.
Finally, we are confident some may be interested to note that since 2004, Letta has been a Vice-Chairman of the Aspen Institute Italy. The Aspen Institute, of course, is affiliated with the CFT, and the Bilderberg Group.
In other words, instead of a Goldman technocrat, Italy is about to be headed by a globalist technocrat. Out of the frying pan...
»
- 6225 reads
- Printer-friendly version
- Send to friend
- advertisements -
Ferrero: 'Come Monti è scelto da fondazione Rockefeller'
yeah, but note that Casini approves of him, and you know what this means ;-)
Look ma, a self appointed nose job.
Time for the new fall guy. Lotsa luck amigo....you're gonna need it.
Does that dude have his finger in his nose?
Well, as long as he doesn't eat it..
EWWWWWWWW!
Why bother with all this voting nonsense? Surely you just ring up the Germans and ask who they want, end of?
the Germans might indeed have a "Toscana Parliamentary Fraction" but we aren't in the ages where every King of the Germans had to come down to Rome to be crowned emperor and in the process re-order the factions
all the Germans want is balanced budgets from Italy, and indeed the Republic is delivering quite nicely up to now... we'll see
dachte, dass es die Toskanafraktion nicht mehr gibt, wahrscheinlich aber wieder auferstanden mit Trittin, Roth, Göring et al.........
Haste gedacht, wa? And now back to our regularly scheduled transmission in english ...
Ghordius - it is hard to figure out whether you are naive or disingenuous. Of course Germany wants Italy and other Euro countries to maintain a balanced budget in order to sustain the status quo. But that status quo represents severe imbalances that tilt the economic picture strongly in favor of Germany. Do you think 1000 businesses per day are failing in Italy because Italians have gone to sleep on the job? The Euro is wrongly priced in Italy - they need to devalue, but can't because they joined Euro.
Yes, Germany and the Frowning Frau are more than happy to squeeze the hell out of countries like Italy and then join (like you) in the shaking a finger at the bad boys. Germans are indeed hard workers, but so are Italians. The deck is stacked in favor of Germany and a slow tortured death to anyone else is A-okay as far as they are concerned. The shared currency idea is a miserable failure and it is pitiful watching as individuals, families, communities, and whole countries suffocate under Germany's fake morality.
No need to argue -we will all watch as it continues to go to hell. The end result will be the proof.
I've always found this "the currency X needs to devalue" an absolutely unnecessary intervention in market forces. note that we are on ZH, where gold-backed currency proponents are legion. do you really think that any gold-backed currency was "softer" than the current EUR?
wasn't gold the ultimate common currency? was gold "unfair"? don't you see that it could come back? if it does, who has an advantage, those who can balance budgets - or those who are used to "paper over" every rough spot with printing presses?
nope, life is currently hard in many regions in the eurozone, two aspirins of devaluation won't change the root of the sicknesses
the current "harshness" of the EUR is only because many other currency zones are still ordering shots - and the eurozone "sobriety" looks, from this perspective, like a huge hangover. can you take the "hair of the dog" forever?
do you think that business failing is a bad thing? of course it is, but it's also part of business cycles - the so-called "creative destruction" and renewal
wasn't the deck stacked in favour of Detroit and similar cities, long time ago? I have worked and set up businesses in high-inflation countries - including Italy - long enough to tell you that hitting the currency button is not something that helps the economy in general, it only helps politicians to look good
Good to hear your perspective. However, I still think you are looking selectively. As an analogy, consider a classroom full of kids with two or three guys who manage to bully the others while the teacher is not looking. Sure, it is great to discipline the class, but likely you will be nailing the honest guys who yell out in pain over hits from the biullys that the teachers never see.
Do you think destruction of Cypriot businesses was creative destruction? Do you think the Italian businesses are failing because of poor business models? Sure, some are, but not 1000 per day. I know too many of these guys and see what is happening. Currency devaluation is not in general a good idea, but locking in an imbalance (between Italy and Germany) is an equally or perhaps worse idea.
You seem to be a Euro cheerleader, though honestly, I really can not tell where you are coming from. Even the super cheerleader LEAP guys have finally realized the damage being done by the Troika. These are dark times. The supposed morality behind austerity is no light at all. It would need to come with another level of honesty that is currently a million km away.
Cyprus? do you really see that as a consequence of the eurozone? perhaps I do have to write a longer comment on that, once, meanwhile I'll leave one question open on that: if Cyprus would not have been in the EZ (and actually it was only because Greece was blocking the EU access to several eastern countries if not satisfied in that), what would have happened?
I happen to know Italy quite well. did you know that Italy has the greatest quota of entrepreneurs of the whole world? further, if you really look deep in who is shutting business down, you'll note that many are doing so because the state is not paying their arrays. meanwhile the same state is still squandering money in many, many ways. believe me, many Italians just ask for qualitatively better state spending since ages
this goes all back to the "bullying" theme, doesn't it? in the greater scheme of things, is someone bullying you if no force is involved, only a change in behaviour if you change your behaviour? to me, it looks suspiciously like a deal instead of a case of "bullying"
note that our beloved megabanks would love to "play properly" with those bondmarkets and smaller currencies, and it would not be the first time
if Italy had kept it's debt domestic as thirty years ago, this would be a completely different matter, you know?
look up a bit the history of the 17 members in regard to bonds and currencies, and you'll might understand better why they banded together
Ghordius - a piece on Cyprus with another point of view would be valuable. I hope you write it.
It seems to me that the people of Italy are pretty much in trouble. Even the grocery stores are reporting record low sales. Further, people are not going for medical exams. Poverty is encroaching on the society. Corruption is much at fault, but I can see no good so far in the single currency. The people of Europe are too different.
I think the Swiss got it right - trade freely, but leave each country with the option to balance themselves via their currency. Even the Swiss have had to do it. The worldwide currency games are fraught with dangers, but sticking with the Euro is like entering the arena with one's hands tied..
One last point: do your realize what the Swiss did by devaluing the Euro? Primarily one thing - they effectively reduced salaries of the workforce. It doesn't work to cut pay overtly, but almost all countries are doing it through inflation. The Swiss mostly don't think enough about exchange rates to realize this, but de facto salary reduction is far and away the biggest result of devaluation. And even if the Swiss people did realize it, they would go along gladly as they fully understand the need to be competitive. The current Euro pricing is good for the Germans, but not for Italy, Spain and other countries.
When the rigidity of the single currency cuts, it cuts jobs. And that does not help a country survive. Most people would rather see their currency devalue to an appropriate level than watch as businesses go belly up and their country goes to ruin.
LEAP: http://www.leap2020.eu/
"super cheerleader LEAP guys? who/what is LEAP? do you have a link?
He talks of the "Laboratoire Européen d'Anticipation Poltique", and here is a link to their site:
http://www.leap2020.eu/English_r25.html
don't forget to contact UberMario from and in Frankfurt am Main
You can ask, but you may not recieve.
BTP down 110 points from the days high so far
EUR seems to be pricing in a lot of happy-thoughts things - up from 1.2953 on German morning data, trading above 1.3 again.
"....its economy continues to be in freefall with record unemployment and ever higher bank non-performing loans month after month." This will all be sorted out when the Italians get another God-head, will it? Good Lord i wish people would stop watching the puppet show and look behind the curtain. "They" are not our masters, dont care about us and even if they did, there is NOTHING that can be done about the debt/collapsing economy(s) anyway.
che sconfitta! vergoniatevi fannulloni di primissima categoria!
I'm not sure I understand - please expand
A tutti piace la penetrazione anale.
I dont speak-a de Italiano but that ones self explanitory.
Lo dico a tutti. ;-)
EVERYONE'S AN ITALIAN TODAY, EH?
soprattutto in piazza Montecitorio
Letta is a Bilderberg man.
http://beforeitsnews.com/alternative/2012/11/why-has-the-bilderberg-grou...
It's a member of the Trilateral Commission.
http://www.trilateral.org/download/file/TC_%20list_%206-11_%20rev_%20%28...
Which means the italian people is fucked up. Screwed.
PORCA MISERIA!
PORCA MISERIA! PORCA PUTTANA!
Is this why GS is saying "buy all our equities we want to sell to you becuase they are going to all go up, up, up"
buystocksbuybondsbuystocksbuybondsbuystocksbuybonds
Another "professional" politician.
Enrico Letta (pronounced [en?ri?ko ?l?t?a]) (born on 20 August 1966) is an Italian politician, and was elected to the Italian Chamber of Deputies in the 2006 General election for the Olive Tree (Italian: L'Ulivo) coalition. He is currently the Deputy Secretary of the Democrats.
Letta was born in Pisa, where he studied at University of Pisa and Sant'Anna School of Advanced Studies.
He was Member of the European Parliament for the North-East region with the Margherita Party, part of the Alliance of Liberals and Democrats for Europe and sat on the European Parliament's Committee on Economic and Monetary Affairs. He was also a member of the Delegation for relations with the Maghreb countries and the Arab Maghreb Union (including Libya).
[edit]Education- 1994: Graduate in political sciences (University of Pisa)
- 2001: PhD in European Community law (Sant'Anna School of Advanced Studies)
- Researcher (1991-1994) and then General Secretary (since 1994) of the AREL - Agency for Research and Legislation, Rome
[edit]CareerRon Paul eat your heart out.
Another "professional" politician.
This time it's a lock.
10y Italy just printed 3.98% up from 3.86%
Someones not impressed then.
Methinks the Italiano Presidente is suffering from C.R.S. (Can't Remember Sh!t!)
Why not just nominate Merkel? I'm sure that would go over just as well with B. Grillo...
balanced budgets and Rogaine and Braveheart...mockery
We are going to see a new Monti python without austerity in Rome...may the balance swing up n down like merry go round...on budget wizardry à la Montepaschi bank!
Mutti will have her head spinning as she comes into September election.
Italy the key to Waiblingen heaven !
Who said that the road to Bundestag doesn't go from Rome to Welfland?
With Bayern now howling for Cup the Welfs have their tails up...
Waiblingennnnn....hear that battle cry rise to the sky in Berlin, challenged by an Italian calling for Guelf (Welf) revival.
What will the king of french fries have to say in this euro zone meli melo?
Out of the frying pan into the fire?
In a world with to much debt, austerity is nonsens. Give 1 leg to the lions and you'll bleed to death, just like the surgeon before you.