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Letta Resigns; Meet Italy's New Unelected Prime Minister

Tyler Durden's picture





 

Matteo Renzi's Democratic Party has voted to back his proposal fore a new government... and Prime Minister Letta has resigned.

  • *DEMOCRATIC PARTY VOTES IN FAVOR OF RENZI PROPOSAL FOR NEW GOVT
  • *ITALY PREMIER LETTA SAYS HE WILL RESIGN

This will bring the 65th government in Italy since World War II and the 3rd consecutive government that would not have been elected (the last elected Prime Minister was Berlusconi in 2008).

 

Renzi's speech in preparation for the vote was farcical and confused:

  • *RENZI SAYS ITALY CANNOT CONTINUE TO LIVE IN UNCERTAINTY
  • *RENZI SAYS ITALY NEEDS TO EXIT SWAMP, NEEDS CHANGE (but same coalition parties)
  • *RENZI SAYS NEW ELECTIONS WOULDN'T GUARANTEE CLEAR MAJORITY
  • *RENZI SAYS THIS IS TIME TO BE RESPONSIBLE, TAKE RISKS

While Letta had his "57-page plan" of reforms, Renzi does not differ greatly (and thus there will be no change) as the confrontation hinges on who is better placed to implement them. Markets are rallying on the news.

 

 

Via WSJ,

Mr. Renzi's own proposals don't contrast with those of Mr. Letta. The confrontation hinges on which of the two are better placed to implement their plans.

 

...

 

Ten months ago [Letta] gave his government—Italy's first left-right coalition since the late 1940s—18 months to carry out an ambitious program including constitutional reform, a new electoral law and measures aimed at bolstering what has been the euro zone's weakest economy since 2000. Progress has been slow and, as Mr. Letta lamented on Wednesday, many laws have been passed but their enactment decrees never promulgated.

 

...

 

"We would regard a Renzi premiership as a positive development for Italy, possibly imparting a new drive to the reform agenda," Citigroup C -0.90%  analysts said in a note.

 

On the other hand, he risks having to operate within the current parliament without a clear electoral mandate, which could compromise both his influence and his image as a novelty in Italian politics, said J.P. Morgan analyst Alex White.

 

...

 

Italy's last elected prime minister was Silvio Berlusconi, who won an ample majority in the 2008 elections.

 

Meet the new unelected PM of Italy (via BBC),

Matteo Renzi, the charismatic young mayor of Florence, was elected last December as leader of Italy's most powerful political organisation, the centre-left Democratic Party (PD) - the dominant faction in the current coalition government.

 

Matteo Renzi is just 39 years old and has never been a member of parliament. Now he has called publicly for a new government, directly challenging Prime Minister and party rival Enrico Letta.

 

The young party leader is sometimes called Il Rottamatore ("The Scrapper"). The nickname refers to his call to scrap the entire Italian political establishment, which is widely regarded as discredited, tainted by corruption, and as having failed the nation decade after decade.

 

His rise has been seen as a sign of much-needed generational change, and he enjoys by far the highest approval rating of any politician in the country. He is in his own words "hugely ambitious".

 

Mr Renzi presents himself as a break with the past in every way, BBC Rome correspondent Alan Johnston reports.

 

He exudes a restless energy. He likes to pace the stage in black jeans and attends meetings in shirt sleeves. He travels around either in a small car or on a bicycle.

 

He is relaxed and easy - fast and fluent as he speaks without notes, ranging across Italy's many problems, and offering broad-brush solutions.

 

He always seeks to instil a belief that politics can be done differently, that change is possible.

 

He once finished a televised debate by saying he would offer something very rare in Italy: "Hope."

 

"People are weary and disillusioned," he said. "They don't believe anymore. I believe, and that's why I do politics - because I still believe."

 


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Thu, 02/13/2014 - 13:21 | Link to Comment williambanzai7
williambanzai7's picture

Thu, 02/13/2014 - 13:39 | Link to Comment Wolferl
Wolferl's picture

Every Italian prime minister is and was electeted. Italian prime ministers, like most other prime ministers on this globe, get elected by parliament. Get some basic education about politics before posting that nonsense.

Thu, 02/13/2014 - 14:25 | Link to Comment whatthecurtains
whatthecurtains's picture

Not Mario Monti.  He was made a lifetime sensator on Nov 9, 2011 and 3 days later the President "invited" him to form a government.      Monti was NOT elected.

Unless you consider the Merkel a voting bloc in Italy.

Thu, 02/13/2014 - 14:39 | Link to Comment Wolferl
Wolferl's picture

Just like every other prime minister after WW2 in Italy, or president of the council of ministers to precise, Mario Monti was appointed by the Italian state president and confirmed by parliament with a vote. Every Italian prime minister can be removed by parliament anytime. It´s the parliament who determins who´s PM in Italy and who is not. And that´s one of the basic features of every parliamentary system.

Thu, 02/13/2014 - 14:45 | Link to Comment Sofa King Confused
Sofa King Confused's picture

Bunga Bunga!

Thu, 02/13/2014 - 15:59 | Link to Comment Non Passaran
Non Passaran's picture

Take that statist crap and shove it.

No ordinary voter voted that filthy eurocrat Monti.

http://www.telegraph.co.uk/news/politics/8896719/Who-voted-for-you-Mario...

Thu, 02/13/2014 - 17:51 | Link to Comment Wolferl
Wolferl's picture

No ordinary voter ever voted for an Italian prime minister. Because Italian prime ministers don´t get elected by ordinary voters, but by parliament. Sooo, in your understanding of the matter, every Italian prime minister is an unelected prime minister. So what´s so special about Monti?

Thu, 02/13/2014 - 14:42 | Link to Comment Laretes
Laretes's picture

He had to be accepted by a vote in the parliament, hence, he was elected.

In most countries this is the case. It does not make the whole farce much less of a farce, but a fact is a fact.

Thu, 02/13/2014 - 14:57 | Link to Comment Red Lenin
Red Lenin's picture

Like the UK,  the Parliamentary vote takes place after the appointment.

Thu, 02/13/2014 - 14:55 | Link to Comment Red Lenin
Red Lenin's picture

Like the UK,  the Parliamentary vote takes place after the appointment.

Thu, 02/13/2014 - 14:56 | Link to Comment Red Lenin
Red Lenin's picture

No that is not true.  The Prime Minister is appointed by the Head of State after being asked to form a government after the incumbent Prime Minister tenders their resignation.

Using the UK to illustrte better.   We had a general election in 2010.  The Government was led by Gordon Brown (PM).  Following the election he - as incumbent, had the right to try and form a government.  He couldn't so he resigned.   The Queen then invited the leader of the largest party - David Cameron (Conservative) to try and form a government.  He managed to in coalition with another pary and was thus appointed Prime Minister.

It's similar in Italy.

In most countries that have Prime Ministers although they are elected as a representative (but not always),  the people do not vote for Prinme Minister - the Head of State appoints them.   Again using the UK,  Cameron is an MP of a constituency (one of 650 in the UK).  The only people that have voted for him are the voters in that constituency - out 60,000.   He is also the leader of the Conservative Party (selected by it's members & MPs).  But his appointment as Prime Minister was by invite by the Queen.

Thu, 02/13/2014 - 13:23 | Link to Comment HaroldWang
HaroldWang's picture

Finally! Now Italy can really get back on track and participate in the miraculous EU recovery!

Thu, 02/13/2014 - 13:38 | Link to Comment knukles
knukles's picture

The Scam of Democracy on Full Hypocritical Display

Bow to your New NWO Illuminati Versailles Masters, serfs.

What a Fucking Charade it has All Become

Thu, 02/13/2014 - 13:42 | Link to Comment john39
john39's picture

smells like more 'hope and change'...  the Italian version of obamao

Thu, 02/13/2014 - 13:26 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

"I love the smell of Chaos in the morning" - NWO

After Chaos, you have Order.  A New World Order.  "Ordo ab Chaos"

Thu, 02/13/2014 - 13:34 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Italy's Obama moment. 

He offered them hope, but no change...

ori

Thu, 02/13/2014 - 13:34 | Link to Comment HelluvaEngineer
HelluvaEngineer's picture

Unelected?  Oh well.  At least the trains will run on time, right Italy?

Thu, 02/13/2014 - 13:23 | Link to Comment astoriajoe
astoriajoe's picture

Which bank did he work for?

Thu, 02/13/2014 - 13:27 | Link to Comment Haus-Targaryen
Haus-Targaryen's picture

Who cares. 

How soon does he pull Italy out out the Euro, and have it raining bankers all over the world? 

Thu, 02/13/2014 - 13:28 | Link to Comment DavrosoftheDaleks
DavrosoftheDaleks's picture

Hope....We've heard this before here in the US...  Why is the EUR/USD frozen in place with this announcement?  Is it because Euro markets are done for the day?

Thu, 02/13/2014 - 13:30 | Link to Comment Haus-Targaryen
Haus-Targaryen's picture

In Italy the Euro trades between 10 AM - 1 PM and then from 4 PM - 5PM.

SIESTA! SIESTA!  

 

 

Thu, 02/13/2014 - 13:26 | Link to Comment Mae Kadoodie
Mae Kadoodie's picture

Keep Calm, take risks.

Thu, 02/13/2014 - 13:28 | Link to Comment ziggy59
ziggy59's picture

How do these countries' citizens allow these corrupt bastards hand pick a more inept and more corrupt govt.to their butt buddies in crime?

....oh wait...

Thu, 02/13/2014 - 13:30 | Link to Comment Mrmojorisin515
Mrmojorisin515's picture

"People are weary and disillusioned," he said. "They don't believe anymore. I believe, and that's why I do politics - because I still believe."

 

WOW, THAT SHOULD BE A MOTTO FOR CROOKS 

Thu, 02/13/2014 - 13:33 | Link to Comment edotabin
edotabin's picture

I was gonna use that quote too and comment that this guy is either a moron, a sociopath or both.

Thu, 02/13/2014 - 13:40 | Link to Comment BandGap
BandGap's picture

"They" don't believe the lies anymore.

You still believe they should believe the lies, making you a corrupt asshole.

Thu, 02/13/2014 - 13:30 | Link to Comment BrigstockBoy
BrigstockBoy's picture

Hope and change from someone the media paints as charismatic, eh? Where have we heard that bullshit before?

Thu, 02/13/2014 - 13:37 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Broad brush solutions to boot...

A pattern emerges...India has their own rcently crowned corruption fighter turned pol, young, charismatic, fearless (looking anyways)....

I smell a revolution...

Thu, 02/13/2014 - 13:33 | Link to Comment williambanzai7
williambanzai7's picture

Thu, 02/13/2014 - 14:12 | Link to Comment Peter K
Peter K's picture

The Bamster's got a bigger one.

Oh wait, that just reinforcing stereotypes;-)

Thu, 02/13/2014 - 13:35 | Link to Comment buzzsaw99
buzzsaw99's picture

Good politician. He really seems to care. About what I have no idea. [/Thornton Melon]

Thu, 02/13/2014 - 13:36 | Link to Comment syntaxterror
syntaxterror's picture

Elections are for the 'little people.' Socialist dictatorships are where it's at. 

Thu, 02/13/2014 - 13:43 | Link to Comment NOTaREALmerican
NOTaREALmerican's picture

The smart-n-savvy people create bullshit for the dumbasses about why centralized-control is a good thing.

The "Progressives" and "Conservatives" have their own version of this bullshit.   Which is why most countries on the planet exist for the benefit of the few.

There's no other system possible; humans are social animals and "social" is the root of "socialism".  

Thu, 02/13/2014 - 13:38 | Link to Comment jubber
jubber's picture

Zero reaction in the Euro European Indexes Or Itaian Bonds????????????is the ECB just holding everything in suspended amination?

Thu, 02/13/2014 - 13:40 | Link to Comment Fix-ItSilly
Fix-ItSilly's picture

The Fed/ECB currency swap is @ 1.35.  Quite the magnet.

But what is the Fed doing manipulating exchange rates - Congress never gave the Fed this responsibility or authority.

Thu, 02/13/2014 - 13:48 | Link to Comment NOTaREALmerican
NOTaREALmerican's picture

Re;  Congress never gave

Funny one.     They'll be getting right one this.   Right after they address the corporations are people "concept". 

Thu, 02/13/2014 - 14:05 | Link to Comment graneros
graneros's picture

None of this shit and I mean none of it really no longer matters.  We are all sitting in a rudderless ship captained by clueless fools.  All any of us can do at this point is to either hang on and hope to survive or store as many supplies as you can in a lifeboat and steal away.  If we had any balls we would mutiny, repair the ship and carry on.  But no the band is playing in the grand salon and look there is dancing...

Thu, 02/13/2014 - 14:09 | Link to Comment Iam Yue2
Iam Yue2's picture

Fuck me; compared with Tony Blair (says it all); 

 

"Renzi, the telegenic 39-year-old mayor of Florence who has been compared to the young Tony Blair, also said the PD, the biggest group in parliament, should dictate the government's policies from now on. Alfano hit back on Wednesday. "We won't let anyone dictate the agenda," he said on Italian radio. "Arrogance does not go down well with the Italian people"."

Thu, 02/13/2014 - 14:38 | Link to Comment Red Lenin
Red Lenin's picture

Compared in what way?  Is he a war-mongering liar like Blair?

Thu, 02/13/2014 - 14:13 | Link to Comment royal
royal's picture

Fuck this noise, bring back Berlusconi!

Thu, 02/13/2014 - 14:17 | Link to Comment Canucklehead
Canucklehead's picture

The way Renzi became leader of Italy reminds me of Kim Campbell's stellar performance as Canada's Prime Minister.

http://www.kimcampbell.com/

http://www.canadahistory.com/sections/politics/Prime%20Ministers/Kim%20Campbell.html

Thu, 02/13/2014 - 14:39 | Link to Comment Red Lenin
Red Lenin's picture

the last elected Prime Minister was Berlusconi in 2008

 

I must take issue with that line.  Like here in the UK,  the Prime Minister of Italy is not elected - they are appointed by the Head Of State after being invited to form a government after the incumbent is given the option of continuing or resigning.  The Italian President in the case of Italy and the Queen in the case of the UK invites and appoints the Prime Minister.

Thu, 02/13/2014 - 15:09 | Link to Comment pashley1411
pashley1411's picture

Hmm, the French/German banking cartel puts up a new faceplate.   Meet the new boss, same as the old boss.

I especially like the emphasis of getting around the limitations of democratic government, constitutions and laws, and the will of the people, for the expressed purpose of making sure the danegeld keeps flowing to the banker cartel.   Got to admit, that whole invasion-and-occupation thing was a bit messy.

Thu, 02/13/2014 - 15:03 | Link to Comment PontifexMaximus
PontifexMaximus's picture

Un cordialissimo saluto al Cavaliere Silvio, he made it again, furbissimo come sempre, with tons of chuzpe, tanto di capello!

Thu, 02/13/2014 - 15:05 | Link to Comment Joe A
Joe A's picture

Same shit. Just a new face now with some slick talk and hopium.

Thu, 02/13/2014 - 15:10 | Link to Comment Remnant_Army
Remnant_Army's picture

Would this be another "Italy" headline? Hmmm... Keep eyes open.

Olympics for entertainment. Meanwhile things get interesting. Don't mention the war.

http://www.thewarningsecondcoming.com/arab-uprising-spark-global-unrest-...

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