Berlusconi To Resign After Passage Of 2012 Budget... Some Time In The Future

Tyler Durden's picture

Surely this means all Italian labor unions, which are at the heart of this whole fiasco, will now gladly unravel and Italian debt will be promptly rolled. All $400+ billion of it in the next 12 months. 

Just out from Bloomberg:


Naturally there is fine print and it is that Berlusconi would resign after the 2012 Budget is passed. As a reminder, today saw the 2010 budget passage. So, Silvio is out... in 2013?

In the meantime, this:


...At least until Silvio updates his facebook wall and says it was all a misunderstanding.

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transaccountin's picture

and this does what?

rosex229's picture

Yay! italian bond yields will fall to where they were a week ago to levels that were at the time records.

clearly the world is saved.

Jay Gould Esq.'s picture

How many "governments" does this make for the Repubblica Italiana since 1945 ? 

66 ? 

TruthInSunshine's picture

One might be led to question whether the scientists acted wisely in presenting the statesmen of the world with this appalling problem. Actually there was no choice. Once basic knowledge is acquired, any attempt at preventing its fruition would be as futile as hoping to stop the earth from revolving around the sun.

— Enrico Fermi

'Atomic Energy for Power', Collected Papers (Note e Memorie) (1939-1945), Vol. 2, 556

Manthong's picture

Bullish .. it.


"U.S. stocks rose for a second day and the euro strengthened as Italy’s president said Prime Minister Silvio Berlusconi has agreed to resign,"


redpill's picture

I still don't see why this is a positive sign for the markets.  The Italian Parliament is unlikely to be able to form a majority government and who knows what would result from elections in January.  I guess the short-term austerity package is all the market cares about, but it seems like stupid myopic enthusiasm to me.

Raskolnikoff's picture

all signs are bullish and all the real players are gone, the stock market is simply a sponge used by government to fund its mad scientist like dreams of political utopia

moneyline's picture

As long as it causes more delays, it is positive. I have come to find out through being bearish and losing my ass in the market that the actual news matters very little since it is usually all rumor, empty promises and innuendo. It is all a matter of how the news is spun and liberal amounts of printed/computer generated fiat currency pumped into the markets. Throw in some algobots with a positive bias and presto! You have a year-end melt up rally! Hooray beer!

redpill's picture

I appreciate the Red Stripe shout out at the least!

Hard1's picture

G Pap told him about the island he is retiring and the ammenities.  Berlusconi can't wait to quit.  Zapatero joining soon.

wisefool's picture

It will be interesting to see the point were a product of bunga bunga tries to reclaim his maybe fathers throne.

hambone's picture

But "this time it's different"...all those hard choices Italy (and US) always put off, all those structural reforms that were politically untouchable, all those unneccessary gov workers...well there gone - it's all taken care of now and we'll grow our GDP at 5X's the average to boot.  Of course it's rally time.

kaa1016's picture

I agree. Each day I become more and more amazed at how stupid people really are. What exactly does this do? They still, never mind. This is not a rational thinking market with rational thinking people. This is going to end very badly....

ZerOhead's picture

No no no... a terrible mistake has been made.

Berlusconi meant to say re-sign not resign.

Apparently he meant to say he is going to be re-signing himself up one more five year term as Prime Minister.

oogs66's picture

he was the reason people were selling italian bonds?  yeah, right :D

Unprepared's picture

Keyword here is "after": an open-ended preposition.

Mr Lennon Hendrix's picture

It means that soon Silvio will be free to pay for underage prostitutes without public scrutiny.

Ahmeexnal's picture

Are you saying he's going to become a catholic priest?

Idiocracy's picture

and priests NEVER pay for it

Raskolnikoff's picture

You must not be Catholic, as you must have been asleep these past few decades...priests or ministers or any religious leader getting a pass, like any Republican or conservative remotely connected to anything gets a pass...LOL, either you're Rip Van Winkle or simply plain stupid. In regards to anything sexual, this whole country and culture has become stuck in adolescence which mirrors our governments and central banks ideas about the stock market perfectly

i root for that fat jersey governor's picture

it is a shame that his "hot" cabinet members might leave with him. dude, some of them are really nice looking chicks.

NotApplicable's picture

Condemns the average Italian to poverty, while Bunga-Bunga heads for the exits, quick!

Ethics Gradient's picture

Nearly. Bunga bunga has a week to plan which exit to take from parliament to ensure he's not arrested then how to get to the plane and to ensure he has a stack of shiny yellow metal prepositioned at his favoured destination.

HelluvaEngineer's picture

Guns the market into the close...

Chuck Bone's picture

Hide your daughters, hide your wife...

gorillaonyourback's picture

means the austerity laws won't be passed

jdelano's picture

Open the window.  I've had enough.  Addio Mondo Crudele.  Time to bow out.  

gorillaonyourback's picture

means the austerity laws won't be passed

Deadpool's picture

First Joe Paterno and now this! where will adolescents go now to become adults?!

onelight's picture

indeed....what if this is the top for the euro? not guessing just wondering when..

Like a Fellini movie over there...bizarre characters, weird plot twists..too many what the hell is that moments to count..

Here is some insight

Belarus's picture

Ah....good for another 1,000 pts on the DOW. 

ZeroPower's picture

Yes. Action is like yesterday's intraday moves... exactly.

kengland's picture

Gold and silver getting freaking hammered. Equities rolling. Shorts frying. Other than gold and silver tanking, pretty straight forward. Market is pricing in some gnarly inflation coming out of this

Deadpool's picture

"hammered"? your thesaurus must be broken. gold over $1800 +25% on the year is a hammering?