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Italian Government On Verge Of Collapse (Again)
The growing tensions between Italian Prime Minister Enrico Letta (and his fragile coalition) and Matteo Renzi - the head of parliament's largest (center-left Democratic) party are intensifying this morning. Calls for Letta's resignation, sparked by a junior coalition party head "hoping he was ready to step down," have escalated into more open speculation that the Italian government could collapse within days. Following the failure today of a 'strategy meeting' with center-right coalition partners, Renzi's pro-job-creation and electoral law reforms agenda is gaining consensus. While Letta has stated he will move ahead with his government (and address the public later today), Renzi warned, via Twitter, that he will talk tomorrow afternoon on the way forward.
An old-fashioned power struggle between Enrico Letta, an Italian prime minister heading a fragile coalition, and Matteo Renzi, the new reformist leader of their centre-left Democratic party, has exploded into the open, triggering intense speculation that the country could have a new government in a matter of days.
Mr Letta, who came to office last April after elections a year ago resulted in a hung parliament, has dismissed reports that he intended to resign.
The new pact discussions that were promised have failed...
*ITALY PM LETTA, RENZI FAILED TO REACH ACCORD ON STRATEGY: ANSA
Ansa says positions of PD Chief Renzi, Italy PM remain distant.
“I don’t think that everyone pushing for a hand from Letta to Renzi are motivated by good intentions. Some of them are just looking for a way to burn Matteo,” Debora Serracchiani, governor of the Friuli region and a close ally of Mr Renzi, told La Repubblica, a centre-left daily.
But then damage control kicked in...
*LETTA, RENZI MEETING WAS POSITIVE: ANSA CITING PD OFFICIALS
*RENZI SAYS HE WON'T SPEAK BEFORE 3PM TMRW LOCAL TIME
*LETTA WILL SAY THAT HE INTENDS TO MOVE AHEAD WITH GOVT: ANSA
What happens next...
Giorgio Napolitano, the 88-year-old head of state with constitutional powers to dissolve parliament and nominate a prime minister, could ask Mr Renzi to form a new government – possibly as early as this weekend – rather than call snap elections.
Mr Napolitano met Mr Renzi for two hours on Monday night and then Mr Letta on Tuesday morning. According to media reports, Mr Napolitano expressed his opposition to calling elections – in part because parliament is in the midst of debating a new electoral law – and discussed the possibility of Mr Renzi taking the helm.
...
“With Renzi we would be at the third prime minister who has not been appointed through a people’s vote. It can once be about emergency, or a gun’s to one head . . . but nobody believes it any more when it’s three times in a row,” Mr Brunetta said, calling for elections.
But markets don't care...
Italy’s chronic political instability has been an impediment to moving ahead with economic reforms, deeply troubling the European Commission and the country’s eurozone partners. But in contrast to the events of 2011, the country’s complex power struggles have been largely ignored by financial markets.
The reaction by investors in Italy was relatively muted on Wednesday morning in reaction to the political events.
In fact, at +4.75%, the Italian stock market is among the best in Europe this year as Italian bond yields press new 8 year lows. Get back to work Mr. Draghi.
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As long as they keep the spaghetti comming we'll be fine...
OTHERWISE THEY'LL CRIPPLE THE ECONOMY IF WEDNESDAY SPAGHETTIDAY GET'S CANCELLED!!
All Ponzi schemes collapse. But there's always another one waiting
to replace it.
tuesdays spagetti today!
Wednesdays are the EU Italy hush money bailout days.
I'm in the mood for bunga bunga...bitches.
Sounds like they need more Boehner-like politicians.
We should do a cultural exchange. We'll send them Boeher and they send us Bunga Bunga for a while.
New boss same as the old boss.
Nothing a few bunga bunga parties cannot fix.
Simple, have our Goldman Banksters get in touch with the Italian Goldman Banksters and figure out which Goldman Bankster to put in charge of the Italian Govt (again!)
MUST I THINK OF EVERYTHING?!
I heard a whisper rumor that the ECB is going to print a lot more €.
kabuki theater - act 37 - zzzzzzzzzzz
someone wake me when the shooting starts
http://ih3.redbubble.net/image.13384954.8835/sticker,375x360.png
what did bullard say in NY this am at 845?---futures jumped like a cat on a stove
Italian 10yr yields are 100 bps above the U.S 10yr. Bravo.
Joe and Mario are sitting on a rocket.
Both rockets are flying towards a concrete wall.
Joe's rocket goes 900 miles a hour
Mario's rocket goes 1000 miles a hour
... you know what? No matter how fast they're going... that concrete wall is going to get a beating!
He said Bernanke left detailed instructions for Yellen on a 3x5 index card reading "CTRL+P."
An extra week vacation for Beppe, yield to 8,7% on the Italian 10 year, and the EU fuckups win again. I really hope Italians blow up this fucker this time.
why not have some Fed authority speak every two hours, and ensure 2 percent gains/ day? Seems like a plan.
No worry, keep asking for more bailouts otherwise Italy can threaten to huff and puff and blow the EU down.
Greece keeps coming back for bailouts. Italy can as well.
Spain and Portugal needs to get their banker candy as well.
In the EU you have the takers and givers. Germany can keep giving.
Free bailouts for the PIGS, get it while it last.
Your plan is so crazy, IT JUST MIGHT WORK!
Italian politics are in a hopeless shambles.
Thank God you can count on rock solid Italian traditions to stay the course in an everchanging and hostile world.
Pass the ragu.
Who will rule Rome? Quietly, in his work shop, Napolitano carves out his new puppet.
Being 88 y/o and past his best days of craftsmanship, Napolitano is relying on his Jesuit subcontractors to deliver a pre-carved puppet. /sarc, kinda
A little paint and bondo -- yep, we just might have a new govt...
Just a continued slow grind downward with money printing, rather than a leap off the cliff and then recovery.
Italian political instability...
In other news, the Sun still exists and Jamie Dimon is richer than you (and not in jail).
MAMA MIA!!!!!
Make-a da preenta go-a fasta!!!!!!
That's another "Italy" headline. There will be more soon.
Anyone interested what the story is, read:
http://www.thewarningsecondcoming.com/arab-uprising-spark-global-unrest-...
The Monsters of Rome make 'Il Mostro' (The Monster of Florence) look like an amateur.
Italians, bring back the Medici family. They'd clean damn outhouse. If all else fails, heed the counsel of Niccolo Machiavelli.
But what am I saying... Rome has politics and intrigue in its very DNA. Rome has always live of others, for the last 2000+ years. Unless you're an Italian taxpayer (oxymoron?), bankster or politician, why should we give a damn?
This happened in Rome nearly a year ago.
https://www.google.pl/search?q=rome+lightning+vatican&espv=210&es_sm=122...
“I saw Satan fall like lightning from heaven" Lk 10