This page has been archived and commenting is disabled.

Bunga Bunga Era Is Over: Italian Parliament Approves Budget Reform, Paving Way For Berlusconi Resignation

Tyler Durden's picture




 

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?

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Sat, 11/12/2011 - 12:51 | 1872141 Careless Whisper
Careless Whisper's picture

The Careless Whisper Saturday Update

 

 

Sat, 11/12/2011 - 13:01 | 1872151 Smithovsky
Smithovsky's picture

MAMMA MIA!

Sat, 11/12/2011 - 17:38 | 1872509 covert
covert's picture

there is a big coverup here somewhat beneath the surface.

http://expose2.wordpress.com

 

Sat, 11/12/2011 - 12:53 | 1872145 lolmao500
lolmao500's picture

Maybe they can hang him now?

Sat, 11/12/2011 - 12:58 | 1872158 wandstrasse
wandstrasse's picture

but they shall use a really strong cord, must be able to carry several billions and the heaviest balls in Italy.

Sat, 11/12/2011 - 16:36 | 1872405 Dirt Rat
Dirt Rat's picture

Along with whichever ho he's banging that day.

Sat, 11/12/2011 - 12:54 | 1872150 wandstrasse
wandstrasse's picture

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.

Sat, 11/12/2011 - 13:01 | 1872165 Cassandra Syndrome
Cassandra Syndrome's picture

How fucked up is this. When the new reptilian Bilderberg Banker assumes control, Berlusconi will be missed...

Sat, 11/12/2011 - 13:07 | 1872171 wandstrasse
wandstrasse's picture

when TSHTF a lot of things will be missed which look 'unmissable' today.

Sat, 11/12/2011 - 13:21 | 1872188 quark288
quark288's picture

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.......

Sat, 11/12/2011 - 13:23 | 1872189 disabledvet
disabledvet's picture

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.

Sat, 11/12/2011 - 13:23 | 1872192 PaperBugsBurn
PaperBugsBurn's picture

The funny money empire era is over biatches!

Down with AmeriKKKlanism!

Eat shit now, biatches!

Sat, 11/12/2011 - 13:24 | 1872193 Earl of Chiswick
Earl of Chiswick's picture

So Goldman now has  two of their own (Mario Bros)  one running ECB and the other running TBTF/S Italy

Sat, 11/12/2011 - 13:25 | 1872194 yabyum
yabyum's picture

The airbus is on final approach  to Paraguay, need the bigger bird for the young hookers and gold. Bunga-Bunga!

Sat, 11/12/2011 - 13:25 | 1872195 PontifexMaximus
PontifexMaximus's picture

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%.

Sat, 11/12/2011 - 13:31 | 1872201 XRAYD
XRAYD's picture

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!

 

 

 

Sat, 11/12/2011 - 14:37 | 1872271 slewie the pi-rat
slewie the pi-rat's picture

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

Sat, 11/12/2011 - 14:37 | 1872272 Piranhanoia
Piranhanoia's picture

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.

Sat, 11/12/2011 - 14:39 | 1872274 cafn8ed
cafn8ed's picture

I wonder which provision of the budget reform measure they just passed grants the bondholders first crack at Italian gold....

Sat, 11/12/2011 - 14:41 | 1872275 Oh regional Indian
Oh regional Indian's picture

Club of Rome is IN THE HOUSE!

ORI

Reading List

Sat, 11/12/2011 - 14:43 | 1872281 Bam_Man
Bam_Man's picture

Italy is going to raise the retirement age by two years (from 65 to 67) by 2026.

Problem solved!

Sat, 11/12/2011 - 14:58 | 1872300 AldousHuxley
AldousHuxley's picture

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.

Sat, 11/12/2011 - 16:13 | 1872376 Mike2756
Mike2756's picture

Bond market sells the news this week?

Sat, 11/12/2011 - 14:52 | 1872291 Peter K
Peter K's picture

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":)

Sat, 11/12/2011 - 15:19 | 1872332 Oswald Spengler
Oswald Spengler's picture

Do you want death or bunga bunga?

Sat, 11/12/2011 - 15:28 | 1872338 breezer1
breezer1's picture

this looks bad for gold.

Sat, 11/12/2011 - 16:22 | 1872382 kito
kito's picture

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

Sat, 11/12/2011 - 19:13 | 1872643 Belarus
Belarus's picture

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. 

Sat, 11/12/2011 - 15:44 | 1872341 hollowbody
hollowbody's picture

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..

Sat, 11/12/2011 - 23:13 | 1872959 Pitchman
Pitchman's picture

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

 

Sun, 11/13/2011 - 00:49 | 1873117 Manny
Manny's picture

Good news : Berlusconi now has more time for bunga bunga parties.

Bad news : We just saw a banker walk to the podium!

Do NOT follow this link or you will be banned from the site!