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Bunga Bunga Era Is Over: Italian Parliament Approves Budget Reform, Paving Way For Berlusconi Resignation
The Italian Bunga Bunga era is now over. Last week, after losing the vote of confidence, Berlusconi said that he would resign the minute the parliament voted through the 2012 budget reform. As of minutes ago, this has just happened, after 380 parliamentarians effectively voted to kick Silvio out. As per Reuters: "The Italian parliament gave final approval to a package of economic reforms in a vote on Saturday which clears the way for the resignation of Prime Minister Silvio Berlusconi and the formation of an emergency government. Berlusconi, who failed to secure a majority in a crucial vote on Tuesday, promised to resign once parliament passed the law, demanded by European partners to restore market confidence in Italy's strained public finances. He is expected to hand in his resignation to President Giorgio Napolitano later on Saturday. Former European Commissioner Mario Monti is expected to be given the task of trying to form a new administration to face a widening financial crisis which has sent Italy's borrowing costs to unmanageable levels." Of course, if Monti is unable to get the required majority of support, the country will proceed with general elections, which will throw the BTP yields into yet another maelstrom. And even if Monti succeeds in forming a technocratic "consensus" government, the question still remains: just how will he succeed in implementing the required austerity where Silvio failed?
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The Careless Whisper Saturday Update
MAMMA MIA!
there is a big coverup here somewhat beneath the surface.
http://expose2.wordpress.com
Maybe they can hang him now?
but they shall use a really strong cord, must be able to carry several billions and the heaviest balls in Italy.
Along with whichever ho he's banging that day.
will now a banker take over, like in Greece? I mean when bankers take over governments, that would save a lot of efforts. People do not care any longer anyway.
How fucked up is this. When the new reptilian Bilderberg Banker assumes control, Berlusconi will be missed...
when TSHTF a lot of things will be missed which look 'unmissable' today.
Somehow appointement of Monti, again a fiat money economist doesn't exudes much confidence.... Sure with the flawed economics that he would have been equipped with, he would ensure complete doom of the system he is about to head.... Good Luck to him, please do it quickly.......
Events should now proceed at a fast and furious pace. It makes no sense for Italy to be in the euro now. There economy actually is okay...unlike the others they can survive a massive devaluation as an "outside the euro" entity. We shall see. They would need help from the Americans to do this of course.
The funny money empire era is over biatches!
Down with AmeriKKKlanism!
Eat shit now, biatches!
So Goldman now has two of their own (Mario Bros) one running ECB and the other running TBTF/S Italy
The airbus is on final approach to Paraguay, need the bigger bird for the young hookers and gold. Bunga-Bunga!
The markets will teach the lesson to the italian fannulloni casta, it won't take long. There is no way out for Italy. Only extreme severe cuts in the pubblica amministrazione, free labour market, privatisations, and all that within 48 hours. Yield on 10s will not stop @ 8%.
One just has to worry about Monday over the weekend, and then about Tuesday on Monday, and Wednesday on Tuesday, etc.
Rinse, repeat.
One day solutions with one person making some statement of an imaginary fix are endless. Billions of dollar slosh to and fro on such nonsense!
silvio burlesque-oni won't have italy to kick around, any more
super-duper mario is here!
they call him a "technocrat"
but here, on zH, we should call him a fuking bankster
if this guy is the answer, people may be asking the wrong questions
What happens to the immunity issue? Have they priced that in, or is bunga going to be charged? Haven't seen anything on this in over a week.
I wonder which provision of the budget reform measure they just passed grants the bondholders first crack at Italian gold....
Club of Rome is IN THE HOUSE!
ORI
Reading List
Italy is going to raise the retirement age by two years (from 65 to 67) by 2026.
Problem solved!
ever notice how governments keep raising the retirement age but never offer any employment guarantee?
"free market" is going to rape your ass when you are 55+ year old executive who gets kicked to the curb to be replaced by hungrier 40yo exec who would do more work for less money.
There are so many idiot middle managers on wall street journal forums complaining about OWS when they themselves don't realize that they too are labor prostitutes with limited shelf life which comes sooner than these "retirement" ages.
Ayn Rand collected social security in old age. but ego makes people blind.
Bond market sells the news this week?
Don't understand the hatred towards Silvio. His women were young, beautiful and paid for. Unlike our former Rapist in Chief who by the way is the post-Obama star of the DemoCommieNazi party and the legacy media:)
Like they say in Noo Yok, "Go figure":)
Do you want death or bunga bunga?
this looks bad for gold.
Yes it does look bad for gold. Goldies need PRINTING not PROMISES. Ecb will not print its way out of this as long as germany is a member of the eu
The ECB will print. The status quo folks. I understand everyone's belief about Germany but at the very least the ECB will totally overide Germans when it comes down to the wire, to Depression now or Later. We know what the ECB will pick despite Germany. The only question then will be what will Germany do? They'll probably pussy out and just wait and see how the ECB printing affects inflation with back-up plans.
Remember, even Merkel is one of them. And remember, we've seen time after time after time after time politicians balantantly disregarding their own people. It will be no different this time.
No doubt all the gold and other booty that he's been able to muster has been making its way the few short ks from Milan into Lugano, Switzerland, all week. The border crossing on the East side of Lago Maggiore is of course, rarely manned on the Swiss side during the hours of darkness..... don't expect any change there of course, they're the same people who turned a blind eye to Adolf's 'Jew trains', which were permitted access through the country during the second war, off to the 'holiday camps' further north via the Gotthard tunnel..
Are you saying the market itself may determine valuation? Well. someone is going to have to fix that.
Based on Ponzi dynamics, credit expansions and speculative manias are naturally self-limiting. Credit expansions expand debt they generate can no longer be serviced and the greatest fool has committed himself.
See: Central Banks, Bubbles And The Coming Unwind
Can you say; Counter Party Risk? See how money, created out of thin air has exploded the world’s financial sector and how it can disappear as if it never existed.
See: Evaporation of Wealth on a Vast Scale: How $Millions - Trillions Can Disappear
Good news : Berlusconi now has more time for bunga bunga parties.
Bad news : We just saw a banker walk to the podium!