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FT Reports Italian Government On Brink Of Collapse

Tyler Durden's picture


Certainly not helping European sentiment is the report from the FT that "Silvio Berlusconi’s centre-right coalition government in Italy appears in danger of collapsing over European Union demands for a demonstration of concrete action on economic reform by Wednesday’s summit of eurozone leaders. The EU ultimatum delivered to Mr Berlusconi in Brussels on Sunday risks breaking his coalition instead of giving it an external impetus to move ahead on measures to cut Italy’s debt and promote economic growth." So you mean that extending the retirement age by a few hours is not credible reform? That surely is news to Bunga Bunga. And after all, remember the dedication with which Italy promised it would promptly enforce austerity after it was admitted to the SMP bond monetization program, only to completely forget all promises 48 hours later? It seems Europe, which has had enough of being humiliated by the corrupt pederast, has remembered: "The ultimatum was delivered as part of efforts to resolve the eurozone sovereign debt crisis, but the Italians’ failure to reach agreement on reform threatens EU leaders’ stated goal of finalising at Wednesday’s summit a comprehensive solution to the crisis." So the question is: how long before The Guardian refutes all FT speculation that Italy is scuttled with a well-timed rumor at 3:45pm?


Talks on Tuesday morning between Mr Berlusconi and his Northern League coalition partners failed to resolve the deadlock – centred on proposed pension reforms – after negotiations into Monday night made little progress.


“The government is at risk,” Umberto Bossi, leader of the fiercely eurosceptic and federalist Northern League, told reporters in Rome. “The situation is difficult, very dangerous. This is a dramatic moment,” he was quoted as saying.


Commentators said the crisis was the most serious facing Mr Berlusconi since his election victory in 2008, recalling memories of 1994 when the Northern League brought down his first government after just a few months.


The prime minister’s People of Liberty party has proposed that the pension age be raised to 67 years from 65 in line with increasing life expectancy, and that the system of length-of-service pensions also be modified. The Northern League is opposed and La Padania, its party newspaper, on Tuesday attacked what it called “euro-tyranny”.


Altero Matteoli, a PDL minister, said a collapse of the government was a “hypothesis”. He also noted that talks were continuing and that a compromise with the Northern League was still possible.

In other news, it appears that the spin which is so far keeping the Euro from collapsing on tomorrow's now disclosed EcoFin meeting cancellation is that even though Europe's finance ministers can not agree, 24 hours ahead of the deadline, on the formulation of the most complex SPV ever conceived, somehow the Eurozone leaders will succeed...

Just wow.


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Tue, 10/25/2011 - 10:32 | 1808096 FranSix
FranSix's picture

Sub-76 ¥

Tue, 10/25/2011 - 10:35 | 1808112 GeneMarchbanks
GeneMarchbanks's picture

Yentervention?! Is that what you wish for the holidays?

Tue, 10/25/2011 - 10:41 | 1808148 FranSix
FranSix's picture

I see the ¥ going 1:1 with the Rupee!

Tue, 10/25/2011 - 11:05 | 1808286 ratso
ratso's picture

Berlusconi , who has always had his own version of reality, is not going to accept the fact that he has personally destroyed the Italian economy with his grandiosity 

Tue, 10/25/2011 - 11:29 | 1808408 Ghordius
Ghordius's picture

blablabla "singlehandedly" & "destroyed"

Bossi and Berlusconi are now repeating the same procrastination show as Merkel and Sarkozy

even if the gov would fall - nothing new for Italians, used to have 7 govs a year in the past: President Napolitano (who is a fierce post-communist pro-european constitutionalist) would appoint Berlusconi for ad-interim with a technical cabinet stuffed with pro-europeans, i.e. without the Lega Nord...

Tue, 10/25/2011 - 12:05 | 1808566 eureka
eureka's picture

So you mean that nothing is new in the world...

- as in "xtending the retirement age by a few hours is not credible reform..."

 - and then we can conclude that mankind does NOT evolve, and that technology and robotization does not make for better lives for human beings, but rather only for the small elite who owns the machones, the banks, the politicans and the "security"-military and spy agencies apparatus?

IF - these facts are the case - then what do we do?

Care only about ourselves, become all bohemian hedonists - or - revolve...?

Tue, 10/25/2011 - 13:36 | 1809057 Ghordius
Ghordius's picture

France and Germany have both soon elections

it's simply not time for reforms

politicians are usually not afraid of making mistakes - see exibit A: war

politicians are usually very afraid of being blamed for a mistake before elections

Tue, 10/25/2011 - 15:50 | 1809657 Djirk
Djirk's picture

British media are scared of Burli mans media empire.....UK calling out Italy on debt....look who is talking

Tue, 10/25/2011 - 10:33 | 1808104 GeneMarchbanks
GeneMarchbanks's picture

Collapse: a word to be repeated with increasing frequency as the Great Unwind continues.

Tue, 10/25/2011 - 11:28 | 1808399 Yamaha
Yamaha's picture

Call the f----- Pope for the world bank plan. Any money left at the Vatican after paying out the children?

Tue, 10/25/2011 - 14:24 | 1809286 hivekiller
Tue, 10/25/2011 - 10:34 | 1808106 qussl3
qussl3's picture

And the EUR is up on this?

Bizzaro world.

Tue, 10/25/2011 - 10:40 | 1808142 HelluvaEngineer
HelluvaEngineer's picture

Yup.  The selloff just ended.  That was it.  Back to vapor volume melt-up.

Tue, 10/25/2011 - 10:42 | 1808156 letitgo
letitgo's picture

Instead of just saying its bizarre that the EUR is going up on such news, we don't we try to understand why?

I'm becoming convinced that all these political issues in Europe are actually what is keeping the currency up relatively high in a crisis.  If there was more US-style relative political functionality they might have the agreement to throw the money printers at the problem by now and then you'd have your EUR collapsing against everythning.

It may be possible in light of this that European political deadlock means that the Euro will outperform everything but unmanipulated risk-off currencies as the currency union falls apart.

I know this seems counter-intuitive, but does anyone see where I'm coming from?


Tue, 10/25/2011 - 10:47 | 1808183 HelluvaEngineer
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I think someone is printing dollars, buying Euros, and giving them to European banks to keep the lights on.  All on the up and up.

Tue, 10/25/2011 - 10:51 | 1808204 GeneMarchbanks
GeneMarchbanks's picture

'I think someone is printing dollars'

Yes who could that be now?

Tue, 10/25/2011 - 11:01 | 1808262 letitgo
letitgo's picture

Not a bad theory.  Would fit with the idea that the TPTB who can control the monetary system (those in the US unlike those in the EZ) are actively working to help the market, help banks and help debase their own currency -- all of which seem to have been their key financial policy priorities over the last couple of years.

Ultimately this won't help the big German export companies controlling the governing coalition though.  German and US financial war, bitchez!


Tue, 10/25/2011 - 11:17 | 1808352 LawsofPhysics
LawsofPhysics's picture

currency and trade wars have been discussed at length on ZH and yes they are getting hotter by the day.  Duh.  Got physical?

Tue, 10/25/2011 - 11:28 | 1808404 letitgo
letitgo's picture

You all seem to assume that there's a binary world of owning either USD or physical PMs.  The point I am trying to make is that there are factors at play which might help other assets (like the EUR) as much as or more in terms of USD than PMs.

If there's an uneven currency war going on in which the US can debase and the EZ can't, I'd prefer to hold my CHF and EUR, not buy PMs with them -- please don't always assume that everyone is stuck only in USD.

Tue, 10/25/2011 - 11:57 | 1808526 Ghordius
Ghordius's picture

I believe you are right

"market manipulation", IMHO, is to keep the Dollar stronger for a while - nearly all here assume the other way round

I get the distinct impression that several MegaBanks are "banking" on EURUSD at 1.30 by the end of the year and have lots of bets on it

a lot of partecipants to the comments seem to forget that for some 300 million Europeans the EUR is the unit of accounting

I prefer CHF/PMs/EUR

Tue, 10/25/2011 - 11:16 | 1808344 Spanish Lizard
Spanish Lizard's picture

Yep, someone in the EU picked up the Red Bennie Phone they keep in the bottom desk drawer and asked for help....

Tue, 10/25/2011 - 10:51 | 1808201 Global Hunter
Global Hunter's picture

Yes I thought something similar to you, however in the last week or so TD has proposed that EUR strength is a function of insolvent Euro banks selling USD assets and repatriation of assets to EUR.  However in theory if the Euro clowns can't organize a money printing operation then it would outperform the USD.  Whether that is what is actually happening or driving the markets right now I haven't got a clue!

Tue, 10/25/2011 - 11:16 | 1808348 letitgo
letitgo's picture

Yes, presumably to raise the capital that Merkozy want them to raise.  But if the repatriation of US assets by European banks was affecting EURUSD, then surely it would also have affected the US assets they were selling. Raising capital implies selling risk assets under Basel rules, doesn't it? Given what's been happening on the USD risk markets recently, I can't see what would be the corollary effect of EURUSD going up because European banks are repatriating risking USD assets into EUR cash.

Tue, 10/25/2011 - 11:35 | 1808436 qussl3
qussl3's picture

You make a good point.

The US would print willy nilly to keep the party going, and as long as there isnt hyperinflation and American Idol is on the masses will continue to circulate the USD as the medium of exchange and implicitly accept it as a store of value, all while bitching about rising prices.

The EUR may strengthen now simply because its undergoing deflation, but the problem is that the EZ has reached the debt event horizon where there isnt enough real growth to service the interest on the existing debt pile.

The ECB must monetize or some external party must play the white knight, else there would not be much of an EZ bank system left when the unwind occurs.

The sovereigns can no longer backstop the banks.

Perhaps they will find a way to call mulligan and it'll all be roses and unicorns but i doubt it.

Tue, 10/25/2011 - 15:56 | 1809687 Ghordius
Ghordius's picture

you are implying that we live on a planet where sovereigns cannot default

this goes against all lessons from history: that eventually all sovereigns default, either straight or by monetization/inflation

the EZ ist trying hard to find a way to get Greece to default straight - and the banking system is trying to stop them

Tue, 10/25/2011 - 11:49 | 1808500 riley martini
riley martini's picture

The FT does anyone still believe rumors from the FT ?

Tue, 10/25/2011 - 10:34 | 1808110 Quintus
Quintus's picture

" long before The Guardian refutes all FT speculation that Italy is scuttled with a well-timed rumor at 3:45pm?"

Well, since it's now 10:30am, I would say about 5 hours and 15 minutes?  Just a guess.

Tue, 10/25/2011 - 10:34 | 1808111 sultan_selim
sultan_selim's picture

LOL - this week is shaping up to be even better than the crap-show that was this last weekend's summit. Good stuff.

Tue, 10/25/2011 - 10:35 | 1808118 Elias Soprano
Elias Soprano's picture

Berlusconi should make merkel into one of his sex slave

Tue, 10/25/2011 - 10:39 | 1808140 Falcon15
Falcon15's picture

I think it'll be the other way around. Italy absolutely needs Germany.

Tue, 10/25/2011 - 10:40 | 1808141 hedgeless_horseman
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Merkel has already made Berlusconi into one of her scapegoats.

Tue, 10/25/2011 - 11:10 | 1808313 ReallySparky
ReallySparky's picture

The new phrase is ScapePIGS.

Tue, 10/25/2011 - 11:22 | 1808374 eurogold
eurogold's picture

No Merkel and the German public have been the sex slave of Europe for far too long already (by paying and insuring the future of this whole Europe experiment). Angie should use a strap-on and give it to greece and Berlusconi....without lubrication!

Tue, 10/25/2011 - 10:36 | 1808120 HITMAN56
HITMAN56's picture


Tue, 10/25/2011 - 10:36 | 1808123 kito
kito's picture


Tue, 10/25/2011 - 10:36 | 1808124 Irish66
Irish66's picture

End of quarter...must stay positive

Tue, 10/25/2011 - 10:37 | 1808125 Belarus
Belarus's picture

Oh....that's why the machines are ramping the EUR/USD; it all makes perfect fucking sense! Go HFT's, because if you keep it up you will ruin even Benny's plans. 

Tue, 10/25/2011 - 10:51 | 1808210 Uncle Sam
Uncle Sam's picture

Who's to say the Central Banks don't have control over a significant number of HFT algos? That there isn't a coordinated effort to control world markets through massive HFT manipulation?

Isn't that why there has never been a government investigation of any HFT trading since it was first implemented? Because financial regulators don't have the "tools" to investigate HFT's? No regulator can hire a few math PhDs?


Tue, 10/25/2011 - 12:11 | 1808581 Ghordius
Ghordius's picture

dear Uncle Sam

don't get the propaganda to your head - ok, ok, "End the Fed", I'm fine with it but

the Central Banks are helpless without other goons doing the dirty work first

no Central Bank can, for example, just inflate like mad without the affiliated Treasury first printing bonds like there is no tomorrow.

and no Treasury can print big bonds volumes without having a gov deficit first

and no deficit money is wasted unless you buy a lot of crap like weapons and other idiotic things with it - hell, even just giving it to the citizens for free would not have a complete negative effect

and no Central Bank "controls the HFT algos", they are in the hands of the MegaBanks

Where is Central Bank idiocy? really low interest rates (ECB) and incredibly low interest rates (FED)

Tue, 10/25/2011 - 10:37 | 1808126 danger close here
danger close here's picture

Up 2400% on my nflx 100 put, risked 2400$ on 10 contracts; profit of 24k.

Tue, 10/25/2011 - 10:39 | 1808137 Peter K
Peter K's picture

Your a star:)

Tue, 10/25/2011 - 10:39 | 1808139 Belarus
Belarus's picture

Don't just be up on the paper trade: lock it in. 

Tue, 10/25/2011 - 10:40 | 1808144 danger close here
danger close here's picture

Put in a order for 6 100oz silver bars just now.

Tue, 10/25/2011 - 10:42 | 1808158 HelluvaEngineer
HelluvaEngineer's picture

Awesome.  What's your home address again?

Tue, 10/25/2011 - 10:42 | 1808160 tmosley
tmosley's picture

Well done.

I don't like paper, but it's nice to see some people accumulate real capital by doing what you are doing.

Tue, 10/25/2011 - 15:21 | 1809500 pasttense
pasttense's picture

100 ounce bars are too big; get 10 ounce or less sized pieces (100 ounce bars are less liquid at small time local dealers; and are also worth counterfeiting).

Tue, 10/25/2011 - 11:11 | 1808317 Stax Edwards
Stax Edwards's picture

Very Nice Work!

Tue, 10/25/2011 - 10:37 | 1808128 Cassandra Syndrome
Cassandra Syndrome's picture

Strange this blackswan of an FT roumour doesn't cause markets to tank....

Tue, 10/25/2011 - 10:38 | 1808129 Peter K
Peter K's picture

If I said it once, I will say it a thousand times, Silvios problem is that his squeezes were young, good looking and paid for. Unlike our home grown bunga bunga bubba:)

Tue, 10/25/2011 - 10:38 | 1808131 YesWeKahn
YesWeKahn's picture

I just hope that those finance ministers have a degree in finance and know how to use a calculator.

Tue, 10/25/2011 - 10:38 | 1808132 Shizzmoney
Shizzmoney's picture

ALl this time we thought it would be Greece.

Berlusconi’s run AC Milan into the ground, why not Italy?

AGain, can this thing just collaspe already?  Can only go up once rock bottom is reached.

Tue, 10/25/2011 - 10:38 | 1808135 spastic_colon
spastic_colon's picture

In order

-announce a meeting extension in EUR

-bring on the QE3 talk

-EUR/USD ramp

-ES ramp

etc can fill in the rest

Tue, 10/25/2011 - 10:41 | 1808147 wang (not verified)
wang's picture

no need green before noon

Tue, 10/25/2011 - 10:40 | 1808145 DavidJ
DavidJ's picture

What a circus the western economies have become!!!

Tue, 10/25/2011 - 10:43 | 1808163 tmosley
tmosley's picture

The circus was born in Italy, after all.  Both the real one, and the political one.

Tue, 10/25/2011 - 10:42 | 1808157 Sudden Debt
Sudden Debt's picture

Let's play the Merkel & Sarcozy video clip again from monday :)


Tue, 10/25/2011 - 10:44 | 1808164 Quintus
Quintus's picture

Hey SD, thought you might appreciate this:


Ilmenau, Germany - A German economist who used a probability model to demonstrate that Greece faked its financial data said Tuesday the same test suggested Belgium had cooked its books too.

Gernot Braehler of the University of Ilmenau and three other academics said they had compared economic data from 16 nations.

The group applied Benford's law, also called the first-digit law - a mathematical principle which shows that numbers beginning with 1 are the most common in lists of large numbers, making up 30 per cent of real-life data. Numbers beginning with 9 are the least common.

'In fraudulent numbers, the distribution does not match Benford's Law,' they said.

The off-beam score by Greece in the test indicated some of its numbers were false, the four said in an announcement. Belgium's variance from the expected distribution was almost as extreme, they said, and ought to be investigated.

'Greece probably got into the eurozone in 2001 through this deceit,' they said, adding that faked data may also have helped Greece avoid financial penalties later.

'The European statistics authority Eurostat has already proved that Greece manipulated its economic data, so we think our findings confirm that the Benford test would be effective (in other cases),' they said.

The group analysed 156 published data series, including investment and government spending, from 16 of the 17 European nations which share the euro, between 1999 and 2009.

Tue, 10/25/2011 - 10:50 | 1808188 lizzy36
lizzy36's picture

"I'm shocked, shocked to find gambling going on in this establishment"

Tue, 10/25/2011 - 11:50 | 1808506 disabledvet
disabledvet's picture

"and a girl! A girl! Gambling with me!"

Tue, 10/25/2011 - 11:06 | 1808296 Sudden Debt
Sudden Debt's picture

it's already a few months old. :)

all of our national investments are still in the books at 2007 prices +10%

and our GDP is to be revisioned -7% because of the diamond business in Antwerp that doesn't pay any taxes but contributes to the GPD rather a lot.


Tue, 10/25/2011 - 10:44 | 1808165 Undecided
Undecided's picture

Miners spiking nicely since yesterday also!

Tue, 10/25/2011 - 10:48 | 1808166 Shizzmoney
Shizzmoney's picture

All this time we thought it would be Greece.

Berlusconi’s run AC Milan into the ground, why not Italy?

Again, can this thing just collaspe already?  Can only go up once rock bottom is reached.

Tue, 10/25/2011 - 10:46 | 1808173 lizzy36
lizzy36's picture

Rally on news that IBM is going to buyback $7B of own stock (as oppossed to  investing it)?

Or that French banks ONLY need EUR 10B to recap banks (LOL. i think they forgot a zero)?

Or that Greece is going to tell the Troika to fuck off when it comes to oversight and kill the whole deal (why would they want oversight when they keep getting bailouts for NEVER meeting a single target)?

Or that to date the threat of LEH2.0 EU style has yet to come to fruition and crying wolf some many times has made "specualtors" doubt the threat?


Tue, 10/25/2011 - 10:46 | 1808174 Dr Zaius
Dr Zaius's picture

This is bullish. Right?

Tue, 10/25/2011 - 10:48 | 1808184 Seasmoke
Seasmoke's picture

Italy is going to get thrown under the bus by Germany again

Tue, 10/25/2011 - 12:03 | 1808555 eurogold
eurogold's picture


Tue, 10/25/2011 - 10:48 | 1808185 Socratic Dog
Socratic Dog's picture

It's funny the way  people  use words like "pedarast" when talking about Berlusconi, almost as though it's a bad thing.  Grow some balls guys.  If you are nailing teenagers, and lots of them, when you're 70 years old, then I will salute you.  And I salute Berlusconi for his ability to do so.  A cursory reflection on evolutionary biology should be enough to inform you that men are hardwired to nail teenagers, as many as possible, as long as they live.  So what Berlusconi does is a GOOD thing.  Something we should all be aspiring to.  I know I am.

What is the point of wealth and power if you don't?  You can't take it with you.  But you can leave it to your many descendants.  12.5% of Chinese men are direct descendants of Genghis Khan, I read.  That was the point of his empire.

Tue, 10/25/2011 - 12:44 | 1808762 Shylockracy
Shylockracy's picture

Out of curiosity, the boys you have sex with get pregnant?

Tue, 10/25/2011 - 10:48 | 1808189 oceanview76
oceanview76's picture

CNBC highlighting MF Global (ticker MF).  Is this the first US company to implode due to european derivative exposure?  Is this thing starting to kick off??

Tue, 10/25/2011 - 11:02 | 1808272 lizzy36
lizzy36's picture

Jon Corizone is doing an awesome job there. Totally worth the $5m per year he is making. Althought those options probably a tad out of the money right now.

Tue, 10/25/2011 - 10:49 | 1808193 PicassoInActions
PicassoInActions's picture

"being humiliated by the corrupt pederast" gotta be writen by russian.

Tue, 10/25/2011 - 10:51 | 1808199 Shizzmoney
Shizzmoney's picture

"Grow some balls guys. If you are nailing teenagers, and lots of them, when you're 70 years old, then I will salute you."

Also, look at all of the "jobs" and "income" he is creating for these young women! One of them even posed nude for playboy!

That's the type of "job creator" I can support!

Tue, 10/25/2011 - 10:51 | 1808205 Syrin
Syrin's picture

These idiots telling us that "X" is on the brink of collapses need to be beaten with a stick.   By "brink" they mean some time in the next 3 months to 20 years.   Their definition of "brink" and mine are completely different.   I lost count of how many "brink" articles I've read over the last 6 moths, and NONE of them have collapsed thus far.

Tue, 10/25/2011 - 10:51 | 1808206 xcehn
xcehn's picture

Bank run rumour watch in effect. Stay tuned for the warnings.

Tue, 10/25/2011 - 10:52 | 1808211 0cz
0cz's picture

Algos don't know how to react to all the bad news today.  Seems like the news today has triggered the default: case.  Bounce between -0% and -1% all day and then rally to +3% at 3:59.  

Tue, 10/25/2011 - 10:53 | 1808214 Shizzmoney
Shizzmoney's picture

12.5% of Chinese men are direct descendants of Genghis Khan, I read.

Sounds like if Genghis Khan was alive today, he'd be in the NBA.

Tue, 10/25/2011 - 15:08 | 1809461 falak pema
falak pema's picture

he had two to three thousand mistresses and 6500 sons... Didn't waste his time! And his progeny tried to emulate him.

Tue, 10/25/2011 - 10:53 | 1808216 mayhem_korner
mayhem_korner's picture



(channeling Private Hudson): 


I've got signals.  I've got readings.  In front and behind.

Tue, 10/25/2011 - 10:57 | 1808244 Quintus
Quintus's picture











I say we take off and nuke the whole continent from Orbit.  It's the only way to be sure.

Tue, 10/25/2011 - 11:47 | 1808487 Saro
Saro's picture

"You know, Burke, I don't know which species is worse. You don't see them fucking each other over for a goddamn percentage."

Tue, 10/25/2011 - 10:55 | 1808222 dynamictrader
dynamictrader's picture

BBC is carrying the same news

Tue, 10/25/2011 - 11:03 | 1808279 adyaner
adyaner's picture

4th Recih or Bust¡¡, maybe just bust...

Tue, 10/25/2011 - 11:24 | 1808383 SDRII
SDRII's picture

Berlusconi to close to Putin (and Gadaffi). FT ran the article a few weeks ago about Berlusconi running to putin Bday party. Remeber the italian Foreign Min calling for immediate end to Libya bombing? South Stream participation can't be  appreciated. The Central bank pick a few days ago....

"Silvio Berlusconi's surprise nomination of Ignazio Visco as head of the Bank of Italy was welcomed in Italy on Friday, but it will draw the opposite reaction from French President Nicolas Sarkozy. Visco's nomination on Thursday means Italy will have two members of the European Central Bank's executive board when Mario Draghi leaves the BOI to replace Frenchman Jean-Claude Trichet as ECB president next month, while France will have none."[tt_news]=233&cHash=e5e7cd4b62


Tue, 10/25/2011 - 11:35 | 1808392 haskelslocal
haskelslocal's picture


Tue, 10/25/2011 - 11:42 | 1808465 Falcon15
Falcon15's picture

Financial Times

Tue, 10/25/2011 - 12:05 | 1808563 Winston Smith 2009
Winston Smith 2009's picture

Italy is playing the same game as Greece: find new suckers to lend you money and then take no measures that would lead to being able to ever pay it back.  "If you owe the bank $100, that's your problem. If you owe the bank $100 billion, that's the bank's problem."  Each of the PIIGS know their situation is hopeless and are simply adding billions to their external debt to reinforce their TBTF status and extend their game politically to avoid citizen revolts, expecting either debt forgiveness or bailouts eventually.

Tue, 10/25/2011 - 12:10 | 1808583 Ted Baker
Ted Baker's picture




Tue, 10/25/2011 - 13:59 | 1809164 Rastamann
Rastamann's picture

What happens to you rightwing pedophiles after you've been dethroned?

Tue, 10/25/2011 - 15:12 | 1809456 NuYawkFrankie
NuYawkFrankie's picture

FT Reports Italian Government On Brink Of Collapse

Why is this newsworthy? Having had about 40 govts since the end of WW2, if an Italian govermnet was NOT on the brink of collapse - then THAT would be worth reporting.

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