Gavin's Feed
Apr 11, 2013

Official statistics hide true scale of Italian joblessness

ROME (Reuters) – Millions of discouraged Italians are so convinced they have no chance of finding work that they have given up looking altogether, meaning official figures severely understate the number of unemployed.

Italy’s headline jobless rate of around 11 percent is broadly in line with the European Union average and far lower than in Spain, Portugal or Greece.

Apr 10, 2013

Italy hikes debt targets, says can now focus on growth

ROME, April 10 (Reuters) – Italy’s caretaker government on
Wednesday sharply hiked its targets for public debt this year
and next despite waves of austerity measures, and said there was
now room for less restrictive expansionary fiscal policy.

An economic planning document (DEF) published by Mario
Monti’s outgoing technocrat cabinet forecast that the debt,
which hit an all-time high of 127 percent of output last year,
would rise further to 130.4 percent in 2013.

Mar 21, 2013

Italy’s Bersani manoeuvres for new government

ROME, March 21 (Reuters) – Italian centre-left leader Pier
Luigi Bersani on Thursday appealed to all parties in parliament
to back a new government, a move that may brighten prospects of
resolving the political deadlock following last month’s
inconclusive election.

After meeting with President Giorgio Napolitano, Bersani
said “all the forces in parliament” should support a government
with a programme of reforms presented by the centre-left.

Mar 21, 2013

Outgoing government hikes Italy’s deficit, debt targets

ROME (Reuters) – Italy sharply hiked its fiscal deficit targets for this year on Thursday and announced it would raise debt by 40 billion euros in 2013 and 2014 to inject much-needed liquidity into its recession-hit economy.

The new targets reflect Italy’s difficulties in consolidating its finances, with its debt continuing to climb despite waves of austerity measures over the last two years.

Mar 21, 2013

Italy hikes deficit, debt targets to help economy

ROME, March 21 (Reuters) – Italy on Thursday sharply hiked
its fiscal deficit targets for this year and 2014 and announced
it would raise debt by 40 billion euros over the two years to
inject much-needed liquidity into its recession-hit economy.

Vittorio Grilli, economy minister in the outgoing government
of technocrat prime minister Mario Monti, told reporters the
economy would contract by 1.3 percent this year, compared with a
previous forecast of -0.2 percent.

Mar 20, 2013

Italian president seeks way out of political stalemate

ROME (Reuters) – Italian President Giorgio Napolitano completed a first day of consultations with political leaders on Wednesday to try to find a way of forming a government after the deadlocked election last month left no party with a majority in parliament.

Napolitano was due to meet the largest parties on Thursday.

Italy’s political stalemate and the prospect of months of uncertainty has created alarm across Europe just as the standoff over bank deposits in Cyprus reawakened fears that the euro zone debt crisis could flare up again.

Mar 18, 2013

Argentina’s Fernandez asks Pope to intervene over Falklands

ROME (Reuters) – Argentinian President Cristina Fernandez has asked Pope Francis to intervene in support of Buenos Aires in a dispute with Britain over the Falkland Islands in the South Atlantic, she said on Monday.

Fernandez had lunch with the former Buenos Aires Archbishop Jorge Bergoglio in the Vatican shortly after arriving in Rome to attend his inaugural papal mass on Tuesday.

Mar 14, 2013

Italy parliament convenes to seek way out of election gridlock

ROME (Reuters) – Italy’s parliament convenes on Friday almost three weeks after last month’s inconclusive election, with the parties still deadlocked over how to form a government in the euro zone’s third largest economy.

The first task of the 630 lower house deputies and 315 senators will be to elect the speakers of the two houses. The outcome of the votes for these influential roles could give an indication of the prospects for a stable administration.

Mar 12, 2013

Italy’s president raps Berlusconi party on judge attacks

ROME (Reuters) – Italian President Giorgio Napolitano on Tuesday stepped into the political and legal battle surrounding Silvio Berlusconi, criticizing the former prime minister’s party for a protest outside the Milan court where he is being tried.

Dozens of lawmakers from Berlusconi’s People of Freedom party (PDL) demonstrated on Monday outside and inside the courthouse where Berlusconi is fighting charges of paying for sex with an under-age prostitute.

Mar 12, 2013

ECB, global recovery behind markets’ mercy on Italy

ROME (Reuters) – Italy’s election produced the hung parliament investors said was the worst possible outcome, recession is deepening, debt is rising and its credit rating has just been downgraded.

So why do markets seem largely unconcerned?

Italy’s benchmark borrowing costs have edged up to around 4.6 percent from 4.5 before the election and the gap between safer German Bunds has risen to 3.1 percentage points from around 2.9 points.