Jun 29

Greek Contagion Spreads As Several Italian Bank Stocks Failed To Open (ZeroHedge, June 29, 2015):

While things have normalized since the open thanks entirely to the SNB’s aggressive EUR-buying, CHF-selling intervention (good to see that central banks have read the BIS’ report and have learned from their prior intervention mistakes), earlier this morning we got a snapshot of what happens if and when the SNB, and then the ECB itself, finally lose control when as a result of the Greek crisis the contagion promptly spread a few hundred kilometers west to Italy where as the WSJ reported, “several Italian banks failed to start trading on Monday as fears over a Greek debt default induced many investors to shed peripheral stocks, including Italian, with banks suffering the most.

As the paper reported sales orders on Italian stocks, in particular financial stocks, piled up before the market opening. At the start, the sales orders were so numerous that the system couldn’t manage to process them, something that often happens when specific news causes a sell-off on a stock. Continue reading »

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Jun 15

Italy threatens EU: ‘Sort out migrant mess you caused or get hurt’ (RT, June 15, 2015):

Rome has warned of retaliatory measures unless the EU changes its asylum policies to make them more in “solidarity” with Italy, which continues to struggle with an enormous inflow of mostly North African migrants.

“If the European Council chooses solidarity, then good. If it doesn’t, we have a Plan B ready but that would be a wound inflicted on Europe,” Prime Minister Matteo Renzi said, without elaborating on the details. Continue reading »

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May 22

Snowing in Italy in late May (Ice Age Now, May 21, 2015):

20 May 2015 –  While the center and south of the peninsula is very sunny and warm, in the north it snows. Even for our latitude snow in late May is not common.

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May 12

–  Demographic Devastation: Italy’s Birth Rate Drops To 150 Year Low (ZeroHedge, May 12, 2015):

Italian women would “like to have more [children], but the conditions just aren’t good enough,” laments one new mother as CBS News reports, official figures show that in 2014 there were fewer babies born in Italy than at any time since 1861. “Nowadays people don’t want to raise their child in poverty,” but Pope Francis had a different opinion, as The Guardian reported, “a society with a greedy generation, that doesn’t want to surround itself with children, that considers them above all worrisome, a weight, a risk, is a depressed society.

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Apr 20


19.04.2015

Description:

http://GeoengineeringWatch.org
The citizens of Italy have now set the standard for organized protests against the climate engineering nightmare in our skies. This April 18th demonstration in Bologna, Italy sets the stage for the upcoming March Against Geoengineering planned for April 25 in various locations around the world. Those who do not have organized anti-geoengineering protests in your area should try to attend one of the countless Earth Day events that have also been organized for April 25th. The human race faces countless challenges that are converging from every direction, but of all the threats currently descending on us the most dire and immediate of all is climate engineering. We have the power to expose and stop the ongoing geoengineering insanity if we work together in this all important battle, make your voice heard. We extend our most sincere gratitude to “Reclaim The Planet” (http://riprendiamociilpianeta.it) for organizing this outstanding event. Our gratitude also goes to all the citizens who helped with the demonstration in Bologna that is featured in this 4 minute video.
Dane Wigington Continue reading »

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Apr 06

euro-collapse

Beppe Grillo Disarms The 7 Unfounded Fears Of A Euro Exit (ZeroHedge, April 6, 2015):

Having previously warned that “the eurozone chess game is entering its final stage,” and exclaimed that we are not at war with Russia or ISIS, we are at war with the Troika,” Italy’s erstwhile populist leader, Italy’s Five Star Movement’s Beppe Grillo unveils his Plan B by destroying seven unfounded myths with regard an exit from the euro

7 unfounded fears about an exit from the Euro Continue reading »

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Apr 04

EU has already collapsed – Beppe Grillo

‘EU has already collapsed’– Beppe Grillo to RT (Rt, April 2, 2015):

The EU is an absolutely useless grouping; if it really was a community, European nations could have easily saved Greece and prevented it from being in the situation it is now, Beppe Grillo, an Italian comedian and the leader of Five Star Movement told RT.

In an exclusive interview with RT, Grillo, a comedian turned political activist shared his views on current events in Europe and what might be expected in the future, adding that the sooner Italy leaves the eurozone the better. Continue reading »

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Mar 21

shadow

In Italy, They’re Now Taxing Shadows (ZeroHedge, March 20, 2015):

As Greece struggles to convince the world it’s serious about adopting a series of reforms designed to bolster its economy including cracking down on rampant tax evasion, the Syriza government may want to look to Italy for creative ideas on how to boost government revenue. As Italian newspaper Leggo reports, store owners in Conegliano are now faced with the unfortunate (albeit comically absurd) proposition of paying taxes on shadows. 

The rationale appears to go something like this: an awning casts a shadow on public property and therefore you must pay to use that property. Here’s more:  Continue reading »

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Mar 18

Anti-Dollar-Alliance

It’s Happening – More US Allies Join The Anti-Dollar Alliance (Sovereign Man, March 18, 2015):

The United States government just went from “Please, baby, don’t leave me,” to frustrated threats and whining.

After the UK announced it will join new China-led Asian Infrastructure Investment Bank (AIIB) as a founding member late last week, Germany, France and Italy decided yesterday to follow Britain’s lead and join as well.

Welcome to the beginning of the end of the US dollar’s domination. It’s happening.

For the past few decades America was the undisputed global economic and political superpower.

The entire world happily used the US dollar, and hence, the US banking system. More importantly, the world happily placed its trust in the US government.

But there’s a limit to how irresponsible, reckless, and threatening you can be. Eventually such behavior catches up to you.

That time has now come. Continue reading »

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Mar 18

China-USA

–  America’s European “Allies” Desert Obama, Join China-led Infrastructure Bank (ZeroHedge, March 17, 2015):

It appears the sea of de-dollarization has reached the shores of Europe. With Australia and UK having already moved in the direction of joining the China-led AIIB, The FT reports that France, Germany, and Italy have now all agreed to join the development bank as ‘pivot to Asia’ appears to be Plan B for Europe. As Greg Sheridan previously noted, “the saga of the China Bank is almost a textbook case of the failure of Obama’s foreign policy,” but as The FT concludes, the European decisions represent a significant setback for the Obama administration, which has argued that western countries could have more influence over the workings of the new bank if they stayed together on the outside. As Forbes notes, this leaves Obama with 3 uncomfortable options

As The FT reports,

France, Germany and Italy have all agreed to follow Britain’s lead and join a China-led international development bank, according to European officials, delivering a blow to US efforts to keep leading western countries out of the new institution. Continue reading »

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Mar 17

Italy

Italian Bad Debt Hits Record $197 Billion As Bank Lending Contracts For Unprecedented 33 Consecutive Months (ZeroHedge, March 16, 2015):

Repeat after us: the biggest threat facing Europe’s banking system is not a Grexit, is not the Austrian “bad bank” black swan (although it is pretty bad), it is the trillions in non-performing loans on the balance sheets of European banks, which Europe has no idea how to and which continue to multiply in the process threatening to impair depositors with bail-ins (see Cyprus). It is also why, after years of debate, the ECB finally agreed to flood European banks with what it hopes will be over €1 trillion in excess reserves a la the US (of course, if Zero Hedge, and now JPM, is correct, the ECB will break the bond market long before it achieves its goal) in order to mitigate the relentless cash demands of a constantly rising NPLs.

And unfortunately for the third largest issuer of sovereign bonds in the world, Italy – the country all eyes will focus on once Greece and/or Spain exit the Eurozone – when it comes to NPLs things are going from bad to worse because as Reuters reported earlier, citing ABI, gross bad loans at Italian lenders continued to rise, totaling 185.5 billion euros ($196.5 billion) in January from 183.7 billion euros a month earlier.

As the chart below shows, Italy now has over 10% of its  GDP in the form of bad debt.

italy-bad-debt-gdp Continue reading »

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Feb 10

Greek Contagion? Spanish/Italian Bond Risk Surge Most In 4 Months (ZeroHedge, Feb 9, 2015):

With Spanish and Italian leaders desperately running around to any and every media outlet to proclaim themselves economically fit and deny deny deny what Greek FinMin Varoufakis said yesterday, it appears the market has a different perspective. Portuguese bond spreads are 16bps wider and Spanish and Italian bond spreads are 12bps wider – their worst day in almost 4 months – as it appears Grexit fears are starting to creep into the rest of the periphery.

 

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Jan 27

7 Quick Points on Europe (Salient Partners, Jan 26, 2015):

#1) Here are the most relevant recent notes for an Epsilon Theory perspective on the underlying political and market risks in Europe: “The Red King” (July 14, 2014) and “Now There’s Something You Don’t See Every Day, Chauncey” (Dec. 16, 2014).

#2) Markets reacted positively to last Thursday’s announcement because Draghi doubled the amount of QE that he leaked to the press on Wednesday. Financial media pegged QE at 600 billion euros on Wednesday and 1.2 trillion euros on Thursday. Once again, Draghi played the Narrative game like a maestro. Continue reading »

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Dec 06

Italy’s credit rating lowered by S&P (The Local, Dec 6, 2014):

Standard & Poor’s on Friday lowered Italy’s credit rating by one notch on concerns about weak growth and increasing debt while maintaining a stable outlook.

S&P dropped Italy’s long and short-term sovereign credit rating to ‘BBB-/A-3′ from ‘BBB/A-2′, the ratings agency said in a statement. Continue reading »

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Dec 05

Flashback:

Vladimir Putin Lashes Out At America For Killing Gaddafi And Backing Protests


West’s action in Libya in 2011 was a ‘mistake’ – Italy’s foreign ministry (RT, Dec 5, 2014):

Western countries made a ‘mistake’ three years ago, when they intervened in Libya to overthrow the Gaddafi regime, according to Italian Minister of Foreign Affairs. The statement came amid reports of the US discussing airstrikes on Libya’s territory.

Three years ago we might have made a mistake, when international forces interfered without thinking through the scenario, what will happen afterwards. Italian voice was too weak,” Italy’s Minister of Foreign Affairs Paolo Gentiloni said in a TV interview with national broadcaster RAI, as quoted by Tass news agency. Continue reading »

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Nov 15

Italy’s Grillo Rages “We Are Not At War With ISIS Or Russia, We Are At War With The ECB” (ZeroHedge, Nov 14,  2014):

Next week, Italy’s Beppe Grillo – the leader of the Italian Five Star Movement – will start collecting signatures with the aim of getting a referendum in Italy on leaving the euro “as soon as possible,” just as was done in 1989. As Grillo tells The BBC in this brief but stunning clip, “we will leave the Euro and bring down this system of bankers, of scum.” With two-thirds of Parliament apparently behind the plan, Grillo exclaims “we are dying, we need a Plan B to this Europe that has become a nightmare –  and we are implementing it,” raging that “we are not at war with ISIS or Russia! We are at war with the European Central Bank,” that has stripped us of our sovereignty.

 

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Nov 06

Globe-Earth-World

The Economy Of The Largest Superpower On The Planet Is Collapsing Right Now (Economic Collapse, Nov 5, 2014):

How do you fix a superpower with exploding levels of debt, that has a rapidly aging population, that consumes far more wealth than it produces, and that has scores of zombie banks that could collapse at any moment.  You might think that I am talking about the United States, but I am actually talking about Europe.  You see, the truth is that the European Union has a larger population than the United States does, it has a larger economy than the United States does, and it has a much larger banking system than the United States does.  Most of the time I write about the horrible economic problems that the U.S. is facing, but without a doubt economic conditions in Europe are even worse at the moment.  In fact, there are many (including the Washington Post) that are calling what is happening in Europe a full-blown “depression”.  Sadly, this is probably only just the beginning.  In the months to come things in Europe are likely to get much worse. Continue reading »

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Oct 28

When Stress Tests Fail – Italian Banks Are Collapsing (ZeroHedge, Oct 27, 2014):

Despite the ban on short-sales – which has never worked in the past to do anything but instil fear in traders’ holding long positions – Italian banks are in free-fall following the utter failure of Draghi’s stress tests to encourage confidence in the European banking system.

  • INTESA, UBI, UNICREDIT, MONTE PASCHI SUSPENDED IN MILAN, LIMIT DOWN

Given the post-“whatever-it-takes” world of domestic sovereign bond-buying, it is no surprise that Italian govvie risk is jumping higher and the FTSEMIB is plunging.

“A relief rally would not be justified,” said Michael Woischneck, a portfolio manager at Lampe Asset Management in Dusseldorf, Germany. “There are still a lot of problems to fix, and Italian banks still have a lot of work to do. Even for the banks that passed, what is there to be relieved about? They still have to find a business model and figure out how to get unanswered questions that a stress test just cannot answer.”

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Oct 26

– Hundreds of thousands rally in Rome in protest over ‘anti-job’ reforms (PHOTOS) (RT, Oct 25, 2014):

Protesters from all over Italy have packed the streets of Rome to express their anger at labor market reforms, one of the main building blocks of the government of Prime Minister Matteo Renzi’s policy.

Up to 1 million people flooded the streets of the Italian capital, the organizers of the rally said. Up to 300,000 more participants were set to arrive in Rome throughout the day to take part in the protests, including a boat and two chartered planes from Sardinia.

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Oct 24

‘They said I have Ebola’: Angry bus passengers attack Guinean woman in Rome (RT, Oct 23, 2014):

A Guinean woman has been attacked in a bus in Rome by angry passengers who told her she was infected by Ebola and had to get off the bus, Italian media reports. She was taken to hospital suffering from multiple bruises.

Fataomata Sompare, 26, was about to get off the bus on Monday, said Il Messaggero, an Italian newspaper, as cited by the Local.

A teenage girl who was on the bus with her friends saw Sompare and began accusing her of having the deadly virus. Then some of the teen’s relatives started beating the woman. Continue reading »

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