Berlusconi wants new government to 'confront' EU's austerity agenda
The 76-year-old former premier is set to join a new grand coalition – and says he’s hoping to be made the Minister for Finance.
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The 76-year-old former premier is set to join a new grand coalition – and says he’s hoping to be made the Minister for Finance.
Italy allows expatriates abroad to vote in parliamentary elections – with Beppe Grillo’s Five Star Movement leading here.
Silvio Berlusconi’s strength in key regions means Pier Luigi Bersani cannot claim power, with another election now due.
Pier Luigi Bersani’s coalition wins the house, but Silvio Berlusconi takes enough Senate support to mean no clear winner.
Who’s running? What’s at stake? How are they picked? And is Silvio Berlusconi really in line for a fourth term in office?
The costs had fallen after Greece’s election, but are back up this morning as the fear of contagion remains…
If you were lending cash to the Spanish government for 10 years, you’d get an annual interest rate of 6.76 per cent.
The banks include the country’s two largest banks, with one third of the market – while 10 banks are now ‘junk’.
Mario Monti’s government says the economy will shrink three times more than expected, and that they’ll need more time.
Last week marked the first time in six months that the European Central Bank didn’t intervene in the sovereign bond markets.
Mario Monti’s moves to end a waiver on property taxes comes just as the Holy See shows concern at its financial state.
What downgrade? Italy flogs billions in 12-year bonds with interest rates falling dramatically on a similar bond last month.
The Italian senate follows the chamber of deputies in passing a motion of confidence in Mario Monti’s technocratic cabinet.
Mario Monti wants to be totally sure that he retains the support of the Italian parliament as he presents yet more austerity.
Elsa Fornero breaks down in tears as she announces moves to cut the link between welfare payments and inflation.
Italy faces its highest cost of borrowing ever, raising €3.5bn through the sale of three-year bonds at rates of 7.9 per cent.
Italy raises €10bn in two short-term auctions – but sees its interest rates go through the roof, and into unsustainable levels.
The pan-European ESCP business school says Ireland could get rid of €184bn in debts – by simply cancelling them out with others.
Silvio Berlusconi has reportedly said he will bring down Mario Monti’s independent government if he disapproves of its policies.
The price of borrowing for Spain is approaching the 7 per cent barrier, after both Spain and France struggled with bond auctions.
The new Italian cabinet is made up mostly of independent technocrats, and will see Monti double up as PM and finance minister.
Mario Monti completes two days of tense negotiations, and is set to present his new government to the president this morning.
The markets seem nervous about Mario Monti’s attempts to form a government – while a Spanish bond auction also goes badly.
The price of borrowing for the Italian government is now at the same level which prompted bailouts for Ireland and Portugal.
The agency cuts its rating of Italy for the first time in two decades – as fears continue over over the viability of the Eurozone.
…and its input was virtually worthless, because prices today are pretty much exactly where they were seven days ago.
Jürgen Stark is stepping down three years early – apparently in protest at ECB policies not favoured by his native Germany.
Angela Merkel welcomes the Constitutional Court’s decision – but says it does not mean the emergence of a closer fiscal union.
Germany was not acting unconstitutionally in sanctioning a Greek bailout, the court says – though future bailouts need greater approval.
Christine Lagarde says there’s a “crisis of confidence”. No kidding: markets are slipping while borrowing costs are back on the up.
Silvio Berlusconi has been forced to drop some plans in a bid to win political support – but Jean-Claude Trichet isn’t too pleased.
The ECB’s purchase of Spanish and Italian bonds continues to wind down, with purchases down to €6.65bn last week.
The ECB spent €14.3bn buying Spanish and Italian bonds last week, down from €22bn the week before, as the crisis eased.
Italy, Spain, France and Belgium ban investors from betting on falls – but the main markets still slip on their opening.
The Dow Jones ends its day deep in the red, as the S&P loses 6.6 per cent and the NASDAQ sheds nearly 7 per cent of its value.
The US bond market responds brilliantly to the S&P downgrade, but the world’s stock markets are the obvious victims.
The President of the European Commission tells us what we already know, as he calls for “full backing” for struggling countries.
If it was borrowing today, Spain would pay 6.3 per cent interest for a 10-year loan – a level that can’t be sustained.
The new European Stability Mechanism will need will claw back a huge amount of the loans it’s already giving us.