Berlusconi to Resign

[Conley]

Berlusconi later told President Giorgio Napolitano that he would resign after Parliament passes an austerity package and structural reforms. The Quirinale, the presidential palace, released a statement regarding the late-night meeting between Berlusconi and Napolitano. Il Cavaliere told the head of state he understood the implications of Tuesday’s parliamentary vote, but that he remained worried about passing key reforms that would satisfy the demands of fellow European nations and the EU Commission. Berlusconi would therefore remain in power to oversee the passing of the “Stability Bill,” and then would tender his resignation to President Napolitano. Parliament is expected to vote on the measure next week.

http://www.forbes.com/sites/afontevecchia/2011/11/08/italys-berlusconi-will-resign-after-passing-austerity-bill/

At least Italy has a 3% budget surplus. So it's not all bad news, just most of it :-\ Who wants to buy a 6.5% bond when it will quite likely be worthless?

[MMC]

Yeah I was trying to remember where I heard that with physical capital that Italy is better off than what most think.

I recall Berlusconi was all about helping the Libyan Rebels with financial aid. To help supply then with Arms. I wonder if he was trying to get in on the French/Sunni play. Then when he didnt get what he was looking for. He took his shit and went home. Hence removing his Aircraft carrier and planes home.

[waltky]

Granny says, "Another one o' dem rich folks dat ain't been payin' dey's fair share o' taxes...
:cool2:
Berlusconi denounces verdict, 'political' judges
Oct 26,`12 -- Ex-Premier Silvio Berlusconi has condemned as "unreal" his tax fraud conviction and said it was the result of "politicized" judges who have made Italy unlivable and no longer a democracy.


Berlusconi spoke to his Mediaset television station Friday after a Milan court convicted him of tax fraud concerning the purchase of rights to broadcast U.S. movies on his private TV networks. He was sentenced to four years in prison though he remains free until all appeals are exhausted.

Berlusconi has long denounced what he considers left-leaning magistrates pursuing political cases against him. He said Friday that "if you can't count on impartial judges in a country, the country becomes uncivil, barbarian and unlivable and stops being a democracy. It's sad, but the situation of our country today is that way."

Source (http://hosted.ap.org/dynamic/stories/E/EU_ITALY_BERLUSCONI_TRIAL?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-10-26-11-59-09)

[Calypso Jones]

How does a disgraced head of state make the rules?

[KC]

How does a disgraced head of state make the rules?

Berlusconi is a media tycoon. That is the worst form of a head of state. One who controls what we're able to do and what we think about.

[waltky]

Silvio ain't goin' quietly...
:angry:
Berlusconi threatens to bring down Monti government
Sat Oct 27, 2012 - Former Prime Minister Silvio Berlusconi said on Saturday his centre-right bloc may withdraw its support from the government of Mario Monti, a move that could throw Italy into political chaos ahead of next April's national elections.


"We have to recognize the fact that the initiative of this government is a continuation of a spiral of recession for our economy," Berlusconi told a news conference in northern Italy a day after he was convicted and sentenced to four years for tax fraud related to his Mediaset media empire. "Together with my collaborators we will decide in the next few days whether it is better to immediately withdraw our confidence in this government or keep it, given the elections that are scheduled," he said.

The Monti government of non-elected technocrats is supported by the centre-left, the centre-right and the centre. It would lose its majority and have to resign if the entire centre-right, including Berlusconi's PDL party, withdrew support. Monti took office as prime minister last November when Italy's bond yields were soaring. He has pushed through tax hikes, spending cuts and a pension overhaul to cut public debt which is running at 126 percent of gross domestic product, according to the International Monetary Fund.

Unemployment in Italy has risen to 10.7 percent, its highest level since monthly records began in 2004, and unions are locked in disputes with companies over plant closures and layoffs. Berlusconi, a 76-year-old billionaire media magnate, gave no precise timing for when the decision on whether to keep supporting Monti or not would be made. An indication of the centre-right's strength will come on Sunday when Sicilians go to the polls to elect a new regional government.

ATTACKS GERMANY, MERKEL, SARKOZY (http://www.reuters.com/article/2012/10/27/us-italy-berlusconi-politics-idUSBRE89Q07H20121027)