Gavin's Feed
Feb 8, 2014

ECB’s Visco tells Italy’s banks to be ‘ambitious’ in purging bad debts

ROME (Reuters) – Bank of Italy Governor Ignazio Visco on Saturday backed moves by some of the country’s lenders to get rid of non-performing loans on their books and suggested they could consider “more ambitious” approaches.

The comments by Visco and his deputy governor at a Rome conference indicate that while Italy cannot afford to set up a public “bad bank” like those adopted in Spain and Ireland, its banks are being encouraged to find similar private sector solutions.

Jan 23, 2014

Italy’s Grillo cries foul over electoral reform plans

ROME (Reuters) – Beppe Grillo, the former comic who leads Italy’s anti-establishment 5-Star Movement, on Thursday hit out against plans to reform the country’s voting rules, describing them as tailor-made to block his party’s rise.

“The only point of this electoral reform proposal is to block us because we are the danger to the system,” Grillo, whose party won a quarter of the vote at last year’s national election, told a gathering of the foreign press in Rome.

Jan 20, 2014

Italy’s Renzi outlines electoral reform plan, defies critics

ROME (Reuters) – Italian center-left leader Matteo Renzi promised on Monday to reform an electoral system blamed for creating chronic political deadlock, defying party critics who had attacked him for sealing a deal on the proposals with arch-enemy Silvio Berlusconi.

The 39-year-old mayor of Florence, who won the leadership of the Democratic Party (PD) in December, said he would eliminate the fragmentation that has made it impossible for successive Italian governments to survive a full term in office.

Jan 20, 2014

Italy’s Renzi to spell out reform deal with Berlusconi

ROME (Reuters) – Italian centre-left leader Matteo Renzi can expect a hostile reception from sections of his Democratic Party (PD) when he gives details on Monday of an electoral reform pact with opposition leader Silvio Berlusconi.

Since being elected leader of Italy’s largest party in December, Renzi has held talks with all the other parties on how to reform an electoral law blamed for the country’s chronic political instability.

Jan 14, 2014

Italy’s top court leaves electoral reform in tangle

ROME (Reuters) – The reasons given by Italy’s top court for throwing out key planks of the country’s electoral law leave politicians no closer to agreeing a new system to give Italy the stable government it badly needs.

As Italy struggles with a huge national debt and a stagnant economy, most politicians agree that the electoral rules that helped produce a hung parliament after last February’s national vote are in need of change, but they have squabbled over reform for the best part of a decade.

Jan 14, 2014

Analysis: Italy’s top court leaves electoral reform in tangle

ROME (Reuters) – The reasons given by Italy’s top court for throwing out key planks of the country’s electoral law leave politicians no closer to agreeing a new system to give Italy the stable government it badly needs.

As Italy struggles with a huge national debt and a stagnant economy, most politicians agree that the electoral rules that helped produce a hung parliament after last February’s national vote are in need of change, but they have squabbled over reform for the best part of a decade.

Dec 17, 2013

Renzi’s new centre-left vows to slash Italian spending, taxes

BOLOGNA, Italy (Reuters) – The man charged with shaping the economic policy of Italy’s centre-left under its new leader Matteo Renzi on Tuesday vowed a programme of radical spending and tax cuts that he said would transform the country.

Filippo Taddei, 37, has probably the toughest job among the 12-strong policy team of Renzi’s Democratic Party (PD), which dominates Enrico Letta’s coalition government.

Dec 10, 2013

Italian economy shows recovery signs, France disappoints

ROME (Reuters) – Italy’s economy stagnated in the third quarter after two years of contraction, but a firm rise in industrial output in October reinforced expectations of a return to growth in the last three months of the year.

France continued to falter, however, with data on Tuesday showing industrial output fell for a second straight month in October, although manufacturing production rebounded.

Dec 4, 2013

Italy’s top court rules electoral law breaches constitution

ROME (Reuters) – Italy’s electoral law is unconstitutional, its top court ruled on Wednesday, piling pressure on political parties to reform a system blamed for creating parliamentary deadlock.

Most politicians agree, at least in public, that the electoral rules which helped produce a hung parliament after February’s national vote must change to give Italy a chance of forming a stable government.

Nov 12, 2013

Italian banks told to raise 1.2 bln euros for ECB review

ROME, Nov 12 (Reuters) – Italian banks will need to raise
1.2 billion euros to meet a minimum threshold for higher-quality
capital set by the European Central Bank in a planned check-up
of euro zone lenders, the Bank of Italy said on Tuesday.

In its bi-annual Financial Stability Report, Italy’s banking
regulator said it had already asked weaker lenders in a group of
15 due to be scrutinised by the ECB to boost their capital base
and said it was keeping a close eye on them.