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Italy: Trashing the lifeboat
Keywords:
The austerity plan that prime minister Belusconi of Italy set before parliament on August 29th was quite different to the plan he agreed to in negotiations with the European central bank. The negotiations led to support by the ECB with purchase of $30 billion of Italian bonds. Berlusconi left out a surtax on top incomes in the private sector. It also left out savings to be made at the local government level by mayors and governors. Berlusconi proposed a new pension calculation which would postpone the retirement of Italians by excluding military and university service. Also being prosposed by Berlusconi and opposed by unions is the extension of the retirement age for women. Unions say this will make it harder for Italian women to care for their grandchildren in a country without an adequate system of daycare. Slowly the whole package of austerity measures seems to be coming apart and this alarms ECB President Claude Trichet and his successor Mario Draghi.
Italy- government debt, credit ratings, and borrowing costs 2010-2013
05/14/2010
Italy's borrowing costs went up to 5.7% a week after the July 22, 2011 eurozone debt deal for Greece.
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Analysts point to the austerity measures adopted by Italy and Spain much earlier than other countries in the eurozone. The risk now is cutting into muscle as growth for 2011 is expected to be below 1% in both countries. Italy say analysts is actually in surplus when the interest on debt is excluded.
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Italy Urged to Resist a Relapse in Spending
Wall Street Journal 05/03/2013
Still Sputtering, Spain Turns Away From Cuts
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German Election Overturns Political Order
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New York Times 11/03/2013
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European Finance Ministers Support Investment Program
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The economy of Italy in the euro-zone crisis of 2010-2014
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Grouped Articles
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In Italy, High Payroll Taxes Stand in Way of Recovery
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Italian Economy Stops Contracting
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Can Italy Find Its Way? Resistance to Change Means Slow Recovery
Wall Street Journal 04/30/2014
E.C.B. Plots Strategy for Staving Off Deflation
New York Times 05/26/2014
Italy's Shot of Southern Discomfort
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Silvio Berlusconi and Italy
06/11/2011
Grouped Articles
Resignations Threaten Italian Coalition
New York Times 09/28/2013
Dealing a Blow to Berlusconi, an Italian Senate Panel Recommends His Expulsion
New York Times 10/04/2013
Italy Senate Committee Votes in Favor of Ousting Berlusconi
Wall Street Journal 10/06/2013
Berlusconi Ordered to Stand Trial on Bribery Charges
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Italy’s Berlusconi Convicted in Bribery Case
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Berlusconi's legacy: The cavaliere and the cavallo
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Grouped Articles
Italy Fails to Elect President
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Wall Street Journal 04/22/2013
Dealing a Blow to Berlusconi, an Italian Senate Panel Recommends His Expulsion
New York Times 10/04/2013
Italy Senate Committee Votes in Favor of Ousting Berlusconi
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New York Times 10/26/2013
Italian Prime Minister to Resign, Clearing Path for Renzi
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Grouped Articles
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Italian Government Advances Austerity Plan
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Wall Street Journal 07/12/2011
The European Union agreement for the eurozone debt crisis in Greece and other countries in July 2011
06/30/2011
The first really workable agreement was finally reached in Brussels after a year of sharp differences between the ECB, EU leaders, Greece government and opposition parties, and leaders of France, Germany and other EU countries. Fears of contagion for Italy and Spain and a sense of the dangers to the EU and the Euro currency itself led to the agreement, with the EU governments coming up with the financial support which will be channelled through the European Financial Stability Facility. The debt ceiling crisis in the U.S. may have added to the urgency to reduce nervousness in the markets about a breakdown in EU governance along with that in the U.S.
Grouped Articles
Wall Street Journal 07/13/2011
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Greece Gets New Bailout as U.S. Nears Brink
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Wall Street Journal 07/22/2011
Wall Street Journal 07/22/2011
Euro Zone's Imperfect Path to Union
Wall Street Journal 07/22/2011
Italy's Mario Draghi, as the new president of the ECB
04/20/2011
Grouped Articles
ECB Moves Markets, Not Economy
Wall Street Journal 05/03/2013
Bonds of Italy, Spain Narrow Gap With U.S., German Yields
Wall Street Journal 04/09/2014
Italian Gains Support in Central Bank Race
Wall Street Journal 04/20/2011
Paris Backs Italy's Draghi as Europe's Central Banker
Wall Street Journal 04/27/2011
German Paper Finds Draghi Not So Bad After All
New York Times 04/29/2011
Trichet to Leave a Difficult Legacy at Central Bank
New York Times 05/31/2011
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