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Austerity: Italy's Government Selling Its Luxury Cars

Tyler Durden's picture




 

You know it's bad when... Italy's new prime minister Matteo Renzi has decided that around 1,500 non-essential government official cars will be sold off (via eBay). As La Repubblica reports, the cars (among them dozens of BMWs, Alfa Romeos, Lancias, nine Maseratis and a couple of Jaguars) have come to be a symbol of wasteful government spending. Renzi noted, via Twitter, "Why should an under-secretary have an official car? The undersecretary should go by foot."

 

 

 

 

The big question is... why sell all this non-essential crap when your yields are at record lows implying that everything is fucking awesome?!!!! (oh wait, what's that red line)

 

Yeah, QE will really help eh?!

 

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Fri, 03/28/2014 - 12:32 | 4602814 Haus-Targaryen
Haus-Targaryen's picture

That last chart says it all, and illustrates what a farce most of the PIIGS+France actually are. I wonder how much longer Italian society can hold on and not start revolting?  Oh well, it doesn't really matter.  You'll have another EU election where 51% vote to stay and 49% vote to leave.  Just like in Italy last time, and in Greece before that.  Then again, we (the West) would never cook elections to benefit our banker overlords. 

Shame on the Bundesverfassungsgericht for not killing off the OMT when it had the chance. 

The last time there was an economic union for political purposes in Europe, we got WWI.

Fri, 03/28/2014 - 12:59 | 4602883 idea_hamster
idea_hamster's picture

"why sell all this non-essential crap when your yields are at record lows"

Because you have to cash out the Vampyre Squid at 100 cents on the Euro -- once the Muppets are long, rates are free to blow out like Zapp Brannigan's girdle:

http://stream1.gifsoup.com/view5/2391958/girdle-o.gif

Fri, 03/28/2014 - 14:19 | 4603209 RonBurgundy
RonBurgundy's picture

RIP AutoBlu! Maybe it'll be possible to get around the Quirinale now

Fri, 03/28/2014 - 12:32 | 4602816 walküre
walküre's picture

Cool. Hope its a trend. About time those fat cows at .gov start walking to their jobs.

2009 5series Beemers with 200k and bids of 15 to 18 thou Euros? Gotta be those Italian government officials buying their own cars back. Who else has the cash? Or is Italy.gov financing the purchase at 0% for 99 years?

Fri, 03/28/2014 - 12:32 | 4602821 Darth Raider
Darth Raider's picture

should sell a few non essential politictions whilst they are at it

Fri, 03/28/2014 - 17:55 | 4603932 NidStyles
NidStyles's picture

By that I assume you meant all of them. 

Fri, 03/28/2014 - 12:33 | 4602822 Charles The Ham...
Charles The Hammer Martel's picture

Dirt Cheap!

Fri, 03/28/2014 - 12:34 | 4602823 Grouchy Marx
Grouchy Marx's picture

I'd be more convinced the Italians are serious about austerity when they start paying for their mistresses out of their own pockets.

Fri, 03/28/2014 - 12:36 | 4602827 Darth Raider
Darth Raider's picture

sorry i forgot there all non essential    what am i talking about

 

Fri, 03/28/2014 - 12:39 | 4602838 BlueStreet
BlueStreet's picture

They'll sell them dirt cheap and then vote in a new government and buy a new fleet.  The world is broken beyond repair boys. 

Fri, 03/28/2014 - 12:41 | 4602846 KickIce
KickIce's picture

I see a market for the Chevy Cruze.  #Recovery

Fri, 03/28/2014 - 12:50 | 4602868 NOZZLE
NOZZLE's picture

At least he is taking some steps even if it is superficial compared of course to ghettofabulous in chief who cant seem to realize how ridiculous it is to send a four plane 900 person entourage with him to Europe or allow First StenchSquatch to go on a "diplomatic mission" to China for another vacation.  

Fri, 03/28/2014 - 12:55 | 4602871 drinkin koolaid
drinkin koolaid's picture

Remember -- Everyone should have a Maserati.

I smell a Euros for Clunkers subsidy program.

Fri, 03/28/2014 - 12:54 | 4602876 mm17101978
mm17101978's picture

Being born and raised in Rome, and only 3 or 4 years younger than fucking Renzi, I wish to add a few things.

First: the article says that 5% of the whole Public Administration in Italy did not submit a list of cars to be put on eBay for the sale.

So much for being willing to sell even the unnecessary crap.

The obscene total number of cars used by public-sector employees in Italy is 59.000 so even if they manage to sell 1500 (and God only knows how long it would take and at what prices they would need to sell), that's a tear drop in an ocean of unneeded crap.

Secondly: the article goes on to say that for the first car put on eBay, the wrong picture was posted (of another car) and they were asking 5.000 euros for a 6-year old Lancia Thesis (a sedan made by Fiat). As the paper notes, that asking price = a robbery.

Most of all, Grillo's MPs thankfully note that despite this stupid sale attempt, Renzi and his cronies are going to finalize soon a tender to buy 210 new cars for the public sector! In direct violations of a 2011 decree by Monti, according to that decree no more cars should be bought for the public sector until the end of 2015!

And of course some of the cars that they will try to sell are worth zero: Lancia K (1994 - 2001 product by Fiat), Lancia Dedra (a 1989 - 2000 product by Fiat), Fiat Croma (first series produced from 1985 to 1996!) and Lancia Thesis (made by Fiat from 2002 to 2009).

How pathetic! And of those 9 Maseratis slated to be sold, two are from 1983 and were a gift made by the producer to the government of those days!

The quote that Tyler cites is a quote that Renzi gave on Twitter but not after becoming an unelected PM but just after being elected secretary of his own party a few months ago.....so everything was planned without even considering holding a popular vote!

Lastly, Italy never knew how many cars its public sector owned until December 2011 when the first census of that kind was completed.

If this isn't a pitiful mess of a place.............. :(

Got gold?

Fri, 03/28/2014 - 12:59 | 4602889 LongOfTooth
LongOfTooth's picture

Sounds like they're trying to keep the Italian auto industry afloat.  Isn't that a good thing?  /SARC

 

Fri, 03/28/2014 - 13:11 | 4602929 Idiocracy
Idiocracy's picture

I also live in Italy (born / raised in US).  You are so right.  This ebay auction is a goddamned PR stunt.  

If you want to know what's really going on in Italy read: http://www.ilfattoquotidiano.it/, perhaps the only newspaper of note that isn't on the take from politicians, big business or unions.

Fri, 03/28/2014 - 13:00 | 4602890 random999
random999's picture

oh whats that red line... he he he he

Stockmarkets arent just going up because of those lovely pomo days, no no no! People and especially banks want to own stuff while they are waiting for the fiat currencys to do their job.

Fri, 03/28/2014 - 13:01 | 4602896 cashtoash
cashtoash's picture

In exchange will they take HP printers or any brand.

Fri, 03/28/2014 - 13:17 | 4602944 drinkin koolaid
drinkin koolaid's picture

Nice -- took me a while to get it. Gold star for you today.

Fri, 03/28/2014 - 13:11 | 4602931 no more banksters
no more banksters's picture

Another hit against the remnants of democracy in Greece

Neoliberal government attempts to erase its dirty past

http://failedevolution.blogspot.gr/2014/03/another-hit-against-remnants-...

Fri, 03/28/2014 - 13:13 | 4602934 youngman
youngman's picture

I bet some of those cars come with some Bunga Bunga on the seats....

Fri, 03/28/2014 - 13:29 | 4603002 Spungo
Spungo's picture

If we destroy enough capital, the economy will eventually recover.

Fri, 03/28/2014 - 14:08 | 4603164 Itchy and Scratchy
Itchy and Scratchy's picture

Cash for Clunkers!

Fri, 03/28/2014 - 14:12 | 4603182 Haus-Targaryen
Haus-Targaryen's picture

How in God's name can a 7 year old 5 series with almost 140,000 miles be going for north of $20k USD?! 

 

Italy is truly a backwards country. 

Fri, 03/28/2014 - 14:44 | 4603309 Remnant_Army
Remnant_Army's picture

 

Tuesday, April 26th, 2011

"Italy will be instrumental in the fallout which will trigger the involvement of global powers in a war"

http://www.thewarningsecondcoming.com/arab-uprising-spark-global-unrest-italy-trigger-fall-out/


Wednesday, May 16th, 2012 

"Begin your preparation soon for the day of the fallout in Europe is not far away."

http://www.thewarningsecondcoming.com/second-seal-world-war-3/

 

Fri, 03/28/2014 - 15:50 | 4603507 spaceduck
spaceduck's picture

bullshit

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