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The Betrayal Of Berlusconi Smashes Italian Stocks To Best Day In 3 Months
Italian sovereign bond spreads fell a mere 2bps on the day as Italian stocks (after techncial issues) screamed higher by over 3% - their best day in 3 months - as rumor after headline hit of the slow dissolution of Berlusconi's apparent power. As the confidence vote nears in Italy, several of Berlusconi's top aides are defying him as tries to collapse what is already a fragile coalition. The WSJ just broke news that 40 Italian lawmakers are ready to break with Berlusconi -, and Berlusconi's own party secretary stated that "all should vote for Letta" - that sent stocks to their highs at the close. Despite his anger at center-left senators pending vote to strip him of his Senate seat, it appears the 77-year old media mogul, as AP notes, will be pressured to drop his bid to sabotage PM Letta.
BERLUSCONI'S PDL PARTY SECRETARY ALFANO IS READY TO SUPPORT ITALY PM LETTA'S GOVERNMENT EVEN WITHOUT BERLUSCONI'S AGREEMENT - PDL SOURCE
A senior ally of Silvio Berlusconi said that the former premier's conservative People of Freedom (PDL) party should back off from its plans to pull out of Italy's ruling grand coalition government.
"I remain firmly convinced that all of our party should tomorrow give its vote of confidence to (Prime Minister Enrico) Letta - there are no groups or factions," said Angelino Alfano, the PDL's second-highest official after Berlusconi.
- *ITALY'S LETTA TO CALL CONFIDENCE VOTE: ANSA CITING MINISTER
The best day for Italian stocks in 3 months... (even as Italian bonds rallied only 2bps?!!)
The link between Gold's sell-off and Italian stocks is intriguing as the rumors started to break this morning...
But it seems that Italian bonds are notably less impressed in general with the 'resolution' of the Berlusconi debacle...
Charts: Bloomberg
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Political dysfunction in Italy .... no wai!
40 members break ranks with Silvio translates to: NSA (and friends) has dirt on 40 members.
The Kenyesian Comedy continues.............
Let me clear about the good and bad news,
the good news; we will all be billionaires.
the bad news; we will all be billionaires.
forward soviet!
Meanwhile in the real world: 40 percent youth unemployment in italy.
lol i guess they wont buy any stocks or fancy cars in the near future ...
They will, they have their parents having the cash stashed somewhere....as always it used to be in Italy. Funny how the anglosaxon world never did and never will understand Italy.
House Republicans set to meet in conference at 1300ET (1800BST)
The kabuki theater is already about to end... aw.
So are you saying sell EWI or BTFD when and if it happens
Italy and KaLiFoRnIa... lots of sun, lots of wine. The sun and wine "do things" to people.
Berlusconi must have something going for him. I mean, having banged half the teens in Europe [and at his age!] is an accomplishment, of sorts. There must be a Nobel Prize [or something] for that sort of thing.
Maybe call it, the "Piece Prize."
ha ha ha; " the betrayal of Berlusconi"...that's a good one!
WHen thieves fall out; everybody betrays everybody. Jolly Roger and devil take hindmost!
I work for a big Italian company. The economy in Italy is fucked. The company is lucky it has large arms in other countries
gold below 1300 and silver heading south of 20; some traders must be getting cold feet.
Bngd is the new pwnd.