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Italy Opts Not To Release Preliminary GDP Data As It Sets Off To Raise $600 Billion In Debt In 2012
We are trying to decide what is funnier: Italy cancelling bond auctions and telling the world it does not need the cash, even as its Treasury Director tells the world the country will need to raise €440 billion... that's €440,000,000,000 in cash, next year, or that as Reuters reported earlier, the country has simply decided not to issue preliminary Q3 GDP data.
From Reuters:
Italy will not issue preliminary data for third quarter gross domestic product, so the performance of the economy for the period will only be known when final GDP data is issued on December 21, national statistics institute ISTAT said.
ISTAT normally issues a preliminary estimate for growth more than a month before the final numbers.
The institute said a series of revisions were being drawn up to previous data and this procedure had prevented the calculation of its customary preliminary estimate for the third quarter.
The euro zone's third largest economy is widely expected to have contracted between July and September and a further decline in GDP is expected for the fourth quarter. That would provide further fuel for a bond market sell-off that is already driving Italy to the verge of having to seek international aid.
It makes sense: due to austerity Greece had to clamp down on ink costs and as a result was unable to print tax forms. And now Italy gets two ministers for the price of one (PM and FinMin) and now its statistic office is cutting back on calculator and abacus costs. Very prudent and we are sure the ECB will be delighted with this proactive expense management.
Yet one thing is certain: the delay has nothing to do with this:
Italy’s soaring borrowing costs won’t have a lasting impact on the country’s debt even as the Treasury prepares to sell 440 billion euros ($595 billion) of bonds and bills next year, said Maria Cannata, the Treasury’s director of public debt.
“Next year we have to sell 440 billion; it sounds prohibitive but it’s not, even if things have gotten more complicated because investors are frightened by the volatility in markets,” she said at a conference in Milan.
The yield on Italy’s 10-year bond is hovering near the 7 percent threshold that prompted Greece, Ireland and Portugal to seek European Union bailouts. The difference between the 10-year yield and comparable German debt was at 513 basis points today, more than twice the average for the past year.
Italy can’t be compared with Greece and the debt crisis is European, not just Italian, Cannata said.
Yep. Italy is not Greece. It is only about 6 times bigger.
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"Italy cancelling bond auctions" - huh ?
/handwave
These aren't the terminally underperforming financial statistics you're looking for. Move along.
All this bullish news keeps making me jizz my pants. What....no GDP data, uhhhhhh ut tu ahhhhhhh. Not again.
OT: U.S. boosts estimate of auto bailout losses to $23.6B
http://www.detnews.com/article/20111114/AUTO01/111140434/1361/U.S.-boosts-estimate-of-auto-bailout-losses-to-$23.6B
so how long before withholding the GDP in the US is considered vital to national security?
"...and now its statistic office is cutting back on calculator and abacus costs."
lol...fingers & toes, very austere.
...."Truth...You can't handle the truth".....
Think about it, guys. This makes sense and Italy should not be shunned for this. Whenever I don't want my wife to know how much I've spent on booze or strippers or lost in the stock market I just say, "look here bitch, the data is not available". She shuts her mouth, if she knows what is good for her. It works for me. It should work for Italy. Quit being so judgmental. Guys have to stick together.
This is where I completely lost it. Well played, sir.
You must have some "assets" that keep her interested. I am not sure that Italy can make that claim at this point.
If a public company did not report, it would be delisted in a day or two. Put Italy on the pink sheets.
Whoa. Just think of all the bullshit pulled by the financials in the past 5 years. The suspension of accounting rules is no different than this. You may want to revise your views. This is the law of the jungle and the animals are all insane.
Italy will discontinue marking to market its GDP figures as it does not properly reflect the value of the economy. It will now hold GDP at 2005 levels, indefinitely
It is amazing how one day you wake up and your bonds are just finished. The French - German bonds tracked each other for 14 years before experiencing massive separation this week. Italy and Spain are finished. French banks are finished. Germany needs to abandon ship. As Tyler always say, "The first to defect, wins." Here is the graph showing the French yield divergence. Pretty amazing:
http://www.ftense.com/2011/11/french-german-spreads-explode-us-on.html
I think the quote is "he who defaults first defaults best" or something to that effect but there could be others I haven't seen.
Tis will sound terrible, but for those that are in a default position, the best thing they could do is take the world with them....if they don't they are left out in the cold to fend for themselves; if they take the world with them thenavryone is in it together. That'swhat I would do...
You are on to something there.
Sadly it would still be deemed a non-Credit Event and completely voluntary.
i think its...he who smealt it dealt it...
Goldman sacks already solved the Italian crisis, move on.
"Doing God's work."
Hahaha. Who the hell is buying stocks? They should be down 2,000 (at least!)
Robots have no fear.
...and no greed.
Two robots selling to each other. Lots of volume, no real economic transaction.
This can go on as long as investors have faith in the game, but if people start to liquidate in large numbers it's over. First out wins.
man this getting good. capitalism is long gone my friends
http://en.wikipedia.org/wiki/Money_supply
Translation: "I could do my work, but it would be marginally satisfying at best, so I think I will continue to draw pay, but without doing any actual work."
welcome to my life and about 1/2 of the american people right now at work. haha
Alternative translation: "The Fed does not want just anybody to track the size or change in deposits of eurodollars and repurchase agreements."
GDP data is now a state secret
[Censored] and based on [censored] we're about a [censored] from being [censored.]
And our markets just ignore all that is going on across the pond. Like it is irrelevant and will not affect us. I just do not get that. Wish I had the date that we blow up.
The new answer for everything, just pretend nothing is wrong and bury your head in the sand. Sooner or later it will become someone elses problem.
Why would they do such a suicidal thing? They should just do what they've always done and lie. Like Spain, despite the 22% unemployment, insolvent banking sector, deflating housing bubble, massively overindebted private sector, alleged harsh austerity etc etc, show that the eCONomy is NOT contracting. Even though the PMI's for service and manufacturing are indicating contaction in QoQ GDP already in Q3 their estimate showed non-negative figure. They must have borrowed some excel calculator from Moody's which is not able to handle negative numbers. After all, they are sub prime. Aren't those handy, eh!
This together with the 440 bn borrowing requirement for 2012 MUST bring back the CONfidence and create a virtuous cycle for Italy... And if not they can always call Jun(c)ker and beg him to blame Germany.
When all else fails and youre really screwed, just refuse to release any data at all. Cover your eyes like a little kid 'you cant see me'.
Shhh, I am hiding behind this upraised middle finger. Oh, and can I have some more money now? I mean RIGHT NOW....
--Italy
Cutting the abacus budget (snicker).
sound like a sit-com
i wanna see robin williams as the accountant with the gun to his head, waving his hands about at all the crazy numberissimos and trying to keep all his mistresses happy by having 4 cell phones---one for each---constantly playing funny ringtone songs as they call him as ask when he's getting off from work. where has he been for three days?
zeroHeads have the healthiest digestive systems and colons on the www!
more popcorn, BiCheZ!
(Not making this up)
Published November 15th, 2011 3:04 pm
LOS ANGELELS (AP) — Robin Williams wants everyone to know that he's happy.
Why is the market only off 55 pts? The robots must be in denial.....no......canceling the news is like a no news day which means buy buy buy
PPT has received orders that DJIA must close above 12,000 today.
The *cntrl alt del* keys are strong on these market manipulating robots.
Just like back in grade school..........
Where is your GDP report Italy?
The dog ate it.
Yup. Italy needs the entire EFSF all for itself. Bye, bye leverage!
Funny thing is that Italy's guarantee contribution to EFSF is roughly 140 bn, 17,9% of total guarantees. Add Spain who's guarantee amounts to 92,5 bn (11,9% of total) and you can see the circular ponzi jerk is dead.
http://en.wikipedia.org/wiki/European_Financial_Stability_Facility
There is one, AND ONLY ONE, known factor that correlates 100% with large market drops. I am NOT JOKING ABOUT THIS.
It is nearly supernatural, and I believe that TK possesses some of the same mojo. BUT SERIOUSLY, when I go on vacation, which is fairly unusual, trying to run a small business----market has significant moves, or 5% to 10% down.
I am going on vacation Saturday the 19th.
http://oahutrading.blogspot.com/2011/11/es-triangle-and-fear-factor.html
wow...that's some fast work by the new technocrat bankster regime...
what are they to lazy to even try to manipulate, overestimate or even blatantly make something up? there's always accounting "glitches" you can blame it on later...
note to Super Mario- please stop giving DC ideas, thank you.
Herman Cain would loosen federal marijuana restrictions - Yahoo NewsSo, Pizza Joint Kingpin has strong grass-roots connection to most of his workforce. At least he's up-front about his eventual kickbacks.
Phish to headline at Inaugural Ball.
Dave Chapelle rumored to be in running for Secretary of Agriculture.
Weed and pizza, been hand in hand for decades!
Ummm, I'm sure someone here knows the answer to my question. Isn't this violating their EU membership contract?
OT: Small caps are getting goosed to hell today compared to the market. Think Ben is shopping QE3 in DC and they are buying on this insider info?
just move the numbers in the column that reads "life saving ecb cash infusion" to the column that reads "sovereign/corporate investment" and waalahh!!! italy is the hot place to park your money. should help the final gdp numbers.......
Lesson learned: When figures become so bad that you can't even fudge them to make them look better, just stop releasing them. Who needs GDP figures, we'll just let the government tell us how the economies are doing. A scale of "Not Too Bad", "Alls Well" and "Fantastic" should suffice
There should be a color coded scale from Green (Alls Well) - Yellow (Not too Bad) - Brown (Never to be used) so that the average American can understand the state of the economy without all those annoying charts and numbers. I nominate Luke Wilson for Secretary of the Interior.
Fantastic would naturally just be a sparkling unicorn, with an infinite symbol for a bow-tie.
Straight from the Bank of America playbook. "Everything's fine. We don't need money." While taking any shitty deal Buffett offers that gives them cash.
"...Greece had to clamp down on ink costs and as a result was unable to print tax forms..."
Way to Goooo!!!
That's the kind of Govt cuts (tax cuts?) I like ...please every Govt in the West follow Greeces great idea
Is it too late to buy and Italian made espresso machine?
I can't be out of money, I still have checks!
cue Rockwell...
"I always feel like...somebody's watchin me..."
now u see GDP....now u dont...
there fixed....
Why can't I get this image of a snake eating itself out of my head?
And there is talk of limiting the access of the ratings agencys...hmmm....can´t let them have a look either....no data..no rating...all is good in EU land...
"Sorry, but we need some more time to cook the books."
'The institute said a series of revisions were being drawn cooked up'
Sounds like they've got the chef in!
http://www.self-catering-breaks.com/blog/wp-content/uploads/2010/04/swed...