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Italian Senate Passes Budget Measure By Large Majority, Paving Way For Berlusconi Resignation

Tyler Durden's picture





 

Minutes ago the Italian Senate, in a vote that passed 156 to 12, approved a key budget bill, paving the way for final passage tomorrow in
the Chamber of Deputies that will lead to Prime Minister Silvio Berlusconi’s resignation. The market reaction as judged by the EURUSD has been oddly muted with just 15 pips the immediate move higher, implying this has been largely priced in. The question, is noted previously, is whether Mario Monti will be able to form a unity government or if the country will proceed with drawn out elections in which Silvio himself will participate as well.

 


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Fri, 11/11/2011 - 08:24 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Why the muted response?

Because Italy is the side show.

The sLide show will be just a boot-kick away, Es-painia..

ORI

Caveat Emptor

Fri, 11/11/2011 - 08:24 | Link to Comment wang (not verified)
Fri, 11/11/2011 - 08:27 | Link to Comment Oh regional Indian
Oh regional Indian's picture

I'm sure wang, there is an assembly line of them. The School of the Americas for Dictator Training, Harvard for Iron Fists in Velvet gloves.

ORI

Fri, 11/11/2011 - 08:33 | Link to Comment wang (not verified)
Fri, 11/11/2011 - 08:39 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Interesting wang. If it morphs into dictatorship means the seeds for the same must be in democracy, eh? Food for thought.

ORI

Fri, 11/11/2011 - 08:24 | Link to Comment HedgeAccordingly
HedgeAccordingly's picture

Say hello to 100 a BBL.. the march is still on - http://hedge.ly/u4MqAw ... no mario batalli today? 

Fri, 11/11/2011 - 08:29 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

Unintelligible WTI move continues... nobody has the answer.

Fri, 11/11/2011 - 08:35 | Link to Comment Ethics Gradient
Ethics Gradient's picture

It may have something to do with the two aircraft carriers and large deck amphibious warfare ship parked in the Persian Gulf.

Fri, 11/11/2011 - 08:44 | Link to Comment AngryGerman
AngryGerman's picture

naaahh, that not gonna happen.

Fri, 11/11/2011 - 08:29 | Link to Comment youngman
youngman's picture

They will pass it..but never impliment it...

Fri, 11/11/2011 - 08:29 | Link to Comment AngryGerman
AngryGerman's picture

Underage hookers are already preparing: Soon bunga will have plenty of time for them!

Fri, 11/11/2011 - 08:31 | Link to Comment HD
HD's picture

He's going to resign WITHOUT immunity? Color me skeptical.

Fri, 11/11/2011 - 10:01 | Link to Comment spanish inquisition
spanish inquisition's picture

Not sure how it works in Italy, but I am guessing it's first on the new guys list. National unity, healing the nation and all that. Which will be correct, because I am sure Da Big Bunga Bunga has plenty on everyone to cause problems down the road.

Fri, 11/11/2011 - 10:21 | Link to Comment lolmao500
lolmao500's picture

No way the new government prosecutes him, he's a sellout, he's done his job to deliver Italy to the bankers.

Fri, 11/11/2011 - 08:32 | Link to Comment Ethics Gradient
Ethics Gradient's picture

"Italian Unity Government". I need to think about that for a moment.

Fri, 11/11/2011 - 08:35 | Link to Comment wang (not verified)
Fri, 11/11/2011 - 08:33 | Link to Comment disabledvet
disabledvet's picture

Don't know the intricacies of Italian politics. My first thought is "it's always about revenge" but that's about it for me. It would seem Silvio is not going to run cuz second acts in politics are about as common as second acts in finance. Anywho "there's large-ness" over there--so taking billion dollar hits on the books of some of these massive banks and financial institutions in Europe...if it's the price of being part of the Euro-zone...will be made. We'll see if it can be sustained. Basically i'm looking at it like a huge poker game right now--if you want to play at the Euro-casino you have to ante up.

Fri, 11/11/2011 - 08:35 | Link to Comment Negro Primero
Fri, 11/11/2011 - 09:16 | Link to Comment texas goldfinger
texas goldfinger's picture

Funny thing about this legislation:  there is no austerity.  It's just a resolution to cut the budget.  haha

Fri, 11/11/2011 - 09:17 | Link to Comment Alex Kintner
Alex Kintner's picture

Excellent. Let the "Full Monti" jokes begin.

Fri, 11/11/2011 - 10:32 | Link to Comment Potemkin Nation
Potemkin Nation's picture

The reaction is muted because it's all for show.  Call me when reforms are actually implemented.

Fri, 11/11/2011 - 12:08 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

i think that to the uber-elite & NWO types,

reform = changing the politician-players upon the chess board 

revolving doors for banksters>>>goobermint>>>banks now being used in the peripheral EU econom

perhaps the modern banksters care more for who makes the laws & rules than their ancestors did?

but, if old nathan was bullshitting then, too... what a deflection!

these banks are already shelled-out zombies of paper ponzi 

wanna get away? 

Fri, 11/11/2011 - 11:53 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

good link to super-duper mario

Fri, 11/11/2011 - 12:40 | Link to Comment Cycle
Cycle's picture

Once again, Italy fools the world into thinking it has a federal government with the power to implement austerity reforms. Ha ha ha ha ha ha ha ha. I'm waiting for the response of the labor syndicates to the retirement age rise.

Of note, a few years ago one of the deputies spearheaded a bill to lower minimum wage.  He died in a terrible and unexpected accident before it came to a vote. Pure coincidence of course.

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