Search Results for: italy

Italian PM Matteo Renzi resigns after ‘crushing’ referendum loss

matteo-renzi-italy-referendum-loss

Italian Prime Minister Matteo Renzi vowed to resign after suffering a crushing defeat in a referendum on constitutional reform, tipping the euro zone’s third-largest economy into political turmoil. His decision to quit after just two and a half years in office deals a blow to the European Union, already reeling …

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Italian government to bail out two more banks for 5.2bn euros

Italy government bail out banks

Italy’s government is bailing out two banks in the Venice region at a cost of 5.2bn euros (£4.6bn; $5.8bn). The move comes two days after the European Central Bank warned that Banca Popolare di Vicenza and Veneto Banca were failing or likely to fail. The banks’ “good” assets will be …

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The Italian jobs? Unemployed youth clash with police in Italy

About 3,000 unemployed demonstrators have clashed with riot police in Naples during a protest against rocketing youth unemployment. The violence erupted in the city after a visit by Labor Minister Elsa Fornero and left 23 people injured. Protesters donned masks of the unpopular Fornero and waved banners calling for Prime …

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Italian banks are going bust

Italian banks Italy

Italian banks face some big problems. The thing is they are pretty much the same as last year. Shares in Italian banks have slumped this year, amid fears that lenders need more capital to manage losses on bad loans. While some banks could do with raising capital—UniCredit for one has a thin …

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Italian banks are on the brink of collapse

italian-bank-collapse-italy

There’s an old saying: “What’s sauce for the goose is sauce for the gander.” The meaning is obvious — if you insist on something for others, you have to be prepared to hold yourself to the same standard. A version of that is playing out in Europe today. And right …

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Italy’s public debt hits new record high

Italy's Finance Minister Pier Carlo Padoan

The amount of public debt racked up by the eurozone’s third largest economy reached a new record of €2.2 trillion in May, up by €23.4 billion in a month, the Bank of Italy said on Tuesday. The hike was attributed to increased Treasury liquidity, the fall in the euro and …

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Each day 134 retail outlets close in Italy

Italy shop

If anyone is still not convinced that surging stock bourses in Europe are indicative of anything more than central bank liquidity, carry trade allocationand localized asset bubbles, we present a snapshot of what is actually happening on the ground via Italy’s Ansa: “It’s a massacre,” said Confesercenti President Marco Venturi. …

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President of Italy’s supreme court says 9/11 was an inside job

ferdinando imposimato

Ferdinando Imposimato is the honorary President of the Supreme Court of Italy, and former Senior Investigative Judge, Italy. Imposimato presided over several terrorism-related cases, including the kidnapping and ultimate assassination of President Aldo Moro, the attempted assassination of Pope John Paul II, other political assassinations and kidnapping cases and several …

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‘9/11 was an inside job’: Italian MP in parliament

Paolo Bernini

An Italian MP has described the 9/11 terrorist attacks, in which around 3,000 people were killed, as “an inside job” and slammed the official version of events as a “conspiracy”. Paolo Bernini, an MP for the Five Star Movement (M5S) was speaking in parliament on Wednesday, the 12th anniversary of …

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Former Italian PM Silvio Berlusconi jailed for fraud

Former Italian PM Silvio Berlusconi has been sentenced to four years in prison for tax evasion by a Milan court. His sentence was immediately reduced to one year under a 2006 amnesty plan to ease overcrowding in in Italian jails. The court also ruled on Friday that Berlusconi is forbidden …

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Police raid major Italian football clubs in money laundering probe

Serie A

Italian police have seized documents from Italian and foreign clubs, including 18 in the top league, as part of an investigation into tax evasion and money laundering involving player transfers, Reuters reports. Apart from the Series A  teams, 11 B league teams and 12 from the lower divisions are being …

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Berlusconi sentenced to 1 year behind bars in wiretap trial

silvio-berlusconi-sentences-to-year-in-prison

Italy’s former Prime Minister Silvio Berlusconi has been sentenced to one year in jail after a wiretap trial linked to a 2005 banking scandal. The ex-premier is accused of violating secrecy laws after making public a police wiretap concerning his political rival in 2005. They were published in Il Giornale, …

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Dolce and Gabbana sentenced to 20 months jail for $1.3b in tax evasion

Dolce and Gabbana

The latest casualty of Europe’s berserk pursuit of tax evaders everywhere: not some Russian oligarch with a $1 billion Cypriot bank account but famous Italian designers, Dolce and Gabbana. WSJ reports that a Milan court has convicted the designers Domenico Dolce and Stefano Gabbana of tax evasion. The pair were …

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21 CIA agents convicted in Italy

Over 5 years ago, I provided a time line of events involving a CIA kidnaping that occurred in Milan. That case has concluded. The last appeal has ended. 23 Americans were found guilty, 21 of whom were or are CIA agents. I congratulate those in the Italian justice system who pursued this case. They …

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Punk Economics: Part 4

The Punk Economics series by Irish economist David McWilliams is a great way to get up to speed as to what is going on with the world economy in a quick, fun and easy to digest manner. Here’s part 4: [youtube height=”400″ width=”550″]http://www.youtube.com/watch?v=NHjLO_cw5iE[/youtube]   Click here to catch part 1, 2 and 3 from …

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Italy to ban cash transactions over €50 in 2013

Italian flag

You won’t even be able to fill up your car without a credit or debit card in Italy beginning in 2013, as the Italian Council of Ministers has voted to increase the current capital controls banning the use of cash on transactions over €1,000, down to any transaction over €50! As …

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Beppe Grillo wants Italians to vote on leaving the Euro

beppe grillo movimento cinque stelle

Beppe Grillo, the leader of Italy’s nascent Five-Star Movement catapulted into power by last week’s Italian elections, is causing a bit of a stir this weekend. Yesterday, Grillo told German weekly news magazine Focus that given the dire straits Italy’s economy is in, if things didn’t change, Italians would want to leave …

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