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Monday, July 11, 2011

What's Going On in the Euro Zone? :: "Italian Debt Adds to Fears"

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Italian Debt Adds to Fears in Euro Zone - NYTimes.com
Retrieved by Pat Darnell  |  July 10, 2011  |  Bryan TX
EXCERPTS   |  " ... The euro zone has been shaken by the fiscal troubles of Greece, Portugal and Ireland, though their economies are relatively small. The Italian economy is more than twice the size of the combined economies of those three countries. If investors were to drive Italy’s borrowing costs to unsustainable levels, it could imperil the entire European monetary union. ( Castle, Stephen. July 10, 2011. NYT: [LINK]) ...  "
" ... Speaking on Sunday at a conference in Aix-en-Provence, France, the president of the European Central Bank, Jean-Claude Trichet, said Europe was at the “epicenter” of a debt crisis that had to be of concern to the entire developed world. (ibid. Castle, Stephen) ... "

European officials were to meet today, Monday, July 11, 2011, to discuss Greece's economic woes. It seems, Italy is suddenly become a hotter issue for financial speculation. But officials are not going to discuss Italy.
" ... The special session of top European officials is to start about 8:30 a.m. Monday, when a scheduled meeting between Mr. Van Rompuy and the president of the European Commission, José Manuel Barroso, will be expanded to include Mr. Trichet; the European commissioner for economic and monetary affairs, Olli Rehn; and Jean-Claude Juncker, the prime minister of Luxembourg, who presides over meetings of the so-called Eurogroup of finance ministers from the 17 countries that use the euro as their official currency. (ibid. Castle, Stephen) ... "
Italy has a debt 120 percent of its annual gross domestic product. A recent big market "sell off" came after speculators sensed a growing tension between Prime minister of Italy, Berlusconi  [MooPig Articles: Berlusconi and, The Opposite is True] ... and "tough minded" finance minister of Italy, Tremonti. "...Fighting to keep the deficit under control, Mr. Tremonti has been reluctant to endorse some of the tax cuts that Mr. Berlusconi and other politicians desire. (ibid. Castle) ..."


If Berlusconi cannot decrease strains in government, Italy will be swept into the "Euro debt crisis that has begun in Greece."
" ... [T]he European Central Bank has been very skeptical about involving private sector holders of Greeks bonds in the second bailout, an aid package estimated at 85 billion euros -- $121 billion. Germany appeared to push for its original idea that investors swap the Greek bonds they hold for new debt with longer maturities. (ibid. Castle) ... "

MooPig :: "YIKES ! Just another crooked "E" organization?!"

[PICTURE LINK]
____________Reference
http://www.nytimes.com/2011/07/11/business/global/italy-becoming-a-bigger-priority-for-euro-zone.html?partner=rss&emc=rss
http://moopigwisdom.blogspot.com/2010/12/moopig-site-review-this-administration.html
http://moopigwisdom.blogspot.com/2008/02/opposite-is-true.html Alexander Stille, from The Sack of Rome, quoted by Paul Ginsborg. 2007. The New York Review of Books. 11 January, p. 51.
http://mflclevedon.typepad.com/mflclevedon/travel/
http://forextradingtradingforex.blogspot.com/2010/12/euro-zone-crisis-flumbing-ball.html
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