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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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..


Caveat Emptor

wang's picture

I am sure there is a bankster technocrat waiting in the wings for Spain as well


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.


wang's picture

I always wondered  about the process of  "democracy"  morphing to dictatorship, sort of reminds me of NYC, but what is so elegant about this is that they have pulled it off without  so much as a flyover with a predator drone, though perhaps in the backrooms of power some choices were offered as they watched the raw video of Muammar's final hour.

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.


HedgeAccordingly's picture

Say hello to 100 a BBL.. the march is still on - ... no mario batalli today? 

GeneMarchbanks's picture

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

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.

AngryGerman's picture

naaahh, that not gonna happen.

youngman's picture

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

AngryGerman's picture

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

HD's picture

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

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.

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.

Ethics Gradient's picture

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

wang's picture

in Italian it's called the NFP

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.

texas goldfinger's picture

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

Alex Kintner's picture

Excellent. Let the "Full Monti" jokes begin.

Potemkin Nation's picture

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

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? 

slewie the pi-rat's picture

good link to super-duper mario

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.