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Italy looks set for fresh elections as it enters third month without government


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Italian president gives populists more time to form government

 

A bitter row over the country’s future in the eurozone had divided populist parties

 

 

Stephanie Kirchgaessner in Rome

Wed 30 May 2018 19.01 BST

 

 

 

https://www.theguardian.com/world/2018/may/30/head-of-italys-m5s-rekindles-negotiations-to-form-a-government

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'Markets will teach Italy to vote for the right thing': EU official's comment causes uproar

 

Senior Italian politicians on Tuesday called for EU budget commissioner Gunther Oettinger to resign over an "absurd" comment in which he voiced the hope that the country's poor economic situation will keep populist parties out of government

 

 

AFP
29 May 2018
18:36 CEST+02:00
 

 

 

'Markets will teach Italy to vote for the right thing': EU official's comment causes uproar
EU budget commissioner Gunther Oettinger (Germany). Photo: Emmanuel Dunand/AFP
 
 
 
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US Treasury official advises Italy to stay in eurozone

 

Crisis-stricken Italy should work to resolve its current political crisis while staying within the eurozone, a senior US Treasury official said on Tuesday

 

 

AFP
30 May 2018
09:35 CEST+02:00

 

 

 

https://www.thelocal.it/20180530/us-treasury-official-advises-italy-to-stay-in-eurozone

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Italy's populist leaders strike deal to resurrect proposed coalition

 

Matteo Salvini and Luigi Di Maio’s announcement averts prospect of new snap election

 

 

Stephanie Kirchgaessner in Rome

Thu 31 May 2018 19.52 BST

 

 

 

 

https://www.theguardian.com/world/2018/may/31/italys-populist-leaders-strike-deal-resurrect-coalition

 

 

 

 

 

Italy’s Populist Parties Win Approval to Form Government

 

  • May 31, 2018

 

 

 

https://www.nytimes.com/2018/05/31/world/europe/italy-government-populists.html

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Juncker: Italians need to work harder and be less corrupt

 

European commission president says Italy’s problems can’t all be blamed on the EU

 

 

Stephanie Kirchgaessner in Rome and Daniel Boffey in Brussels

Thu 31 May 2018 17.41 BST

 

 

 

 

6675.jpg?w=700&q=55&auto=format&usm=12&fit=max&s=6374475d1454280e734ed92048630313
Jean-Claude Juncker said: ‘Italians have to take care of the poor regions of Italy.’
Photograph: Olivier Matthys/AP
 
 
 
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Italy’s political crisis spotlights EU’s lack of democracy

 

May 31, 2018 2:27 PM CDT By John Haylett

 

 

 

Italy’s political crisis spotlights EU’s lack of democracy
Five-Star Movement leader Luigi Di Maio in Rome, Italy, late Monday, May 28, 2018. His right-wing populist movement vowed to convert voter anger over their thwarted bid to govern for the first time into a kind of plebiscite on the European Union, financial markets, and eurozone membership as the country found itself propelled to fresh elections as soon as late summer. A photograph of Italian President Sergio Mattarella is seen on the screen in the background with writing reading "Elections in September or October?" | Alessandro di Meo / ANSA via AP

 

 

 

 

http://www.peoplesworld.org/article/italys-political-crisis-spotlights-eus-lack-of-democracy/

 
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Liberal run, set the timer for Dooms day.  Freebies here they come. And when you run out money, protest and kick your president out and bring a new liberal into replace him. And when that doesn't work........move to a more concervitive nation and ruin that too. The end.

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12 minutes ago, jg1 said:

Liberal run, set the timer for Dooms day.  Freebies here they come. And when you run out money, protest and kick your president out and bring a new liberal into replace him. And when that doesn't work........move to a more concervitive nation and ruin that too. The end.

 

Yes...But now Gov't was formed getting together a far-right party (Lega) and another one (M5S) which is at least in part right-wing ( but with more souls in it) as well...Now, if that's the will of most Italians...So be it....

 

I personally see disasters ahead....Which of course I'd rather not cos this is my Country and I live here....So I do hope to be wrong in my judgment....

Edited by umbertino
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Italy vows to 'send home' undocumented immigrants

 

Far-right interior minister insists he will keep campaign pledge to deport around 500,000 people

 

Stephanie Kirchgaessner in Rome, Lorenzo Tondo in Palermo, Jennifer Rankin in Brussels

Fri 1 Jun 2018 15.20 BST

 

 

2725.jpg?w=700&q=55&auto=format&usm=12&fit=max&s=bf8efb8d7392eb89edb68d08a2972752
Matteo Salvini has vowed to take a tougher approach on immigration
Photograph: Flavio Lo Scalzo/EPA
 
 
 
 
 
I really want to see how he is going to accomplish that......
 
 
 
 
 
 

Italy: populist government sworn in as political deadlock ends

 

New PM Giuseppe Conte’s revised list of ministers agreed by president Sergio Mattarella

 

 

Stephanie Kirchgaessner in Rome

Fri 1 Jun 2018 17.45 BST

 

 

 

 

4563.jpg?w=700&q=55&auto=format&usm=12&fit=max&s=fd6479e301878a3337ea64f08088ab1e
The new prime minister, Giuseppe Conte, stands in front of the president, Sergio Mattarella, during the swearing-in ceremony in Rome
Photograph: Alberto Pizzoli/AFP/Getty Images
 
 
 
Edited by umbertino
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'Something has to give': Italians back euro but rail against EU’s rules

 

Voters’ desire for a tougher approach towards Brussels could benefit Eurosceptics

 

 

Stephanie Kirchgaessner in Rome

Fri 1 Jun 2018 06.00 BST

 

 

 

 

3072.jpg?w=700&q=55&auto=format&usm=12&fit=max&s=84056db7976b1e8c5c847e3b8c56eb0e
Luigi Di Maio, the M5S leader, in Naples in May
Photograph: Ciro Fusco/EPA
 
 
 
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George Soros says EU should compensate Italy over migration

 

Strong showing of far-right parties partly due to Europe’s ‘flawed’ migration policies

 

 

Haroon Siddique and Lorenzo Tondo in Palermo

Sun 3 Jun 2018 16.49 BST

 

 

 

 

5375.jpg?w=700&q=55&auto=format&usm=12&fit=max&s=b1796f8a1e55c96e596d993e23d20cc4
Italy’s new interior minister, Matteo Salvini, has pledged to ‘send home’ around 500,000 undocumented immigrants
Photograph: Louisa Gouliamaki/AFP/Getty Images
 
 
 
 
 
 
Today, June 3, George Soros was here in my hometown to speak at the Int'l Festival of Economics ( which is held annually)....He said a few things including the fact he hopes Mr.Salvini ( League) is not on Putin's payroll and also that he hopes Mr.Trump gets a clear message at midterm...Just reporting....
 
 
 
 
 
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Juncker: EU won’t ‘meddle’ in Italy’s affairs

 

Commission president says he wants to avoid mistakes of Greek crisis

 

 

Daniel Boffey Brussels

Sat 2 Jun 2018 20.25 BST

 

 

 

2727.jpg?w=700&q=55&auto=format&usm=12&fit=max&s=a92b58760d0772331dbfaf051eea762c
Italian air force jet over Rome on Republic Day (June 2). The anniversary marks the founding of the Italian Republic in 1946
Photograph: Claudio Peri/EPA
 
 
 
 
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New Italian government: little regard is paid to what voters really think

 

Populist triumph is consequence of disdain shown by elite towards the people and their fears

 

 

Sun 3 Jun 2018 00.05 BST

Roberto Saviano  (Writer & journalist)
 
 
 
 
 
5133.jpg?w=700&q=55&auto=format&usm=12&fit=max&s=f69f16c374033de416c87cd6887ae949
The League leader Matteo Salvini (right) with the Five Star leader Luigi Di Maio, whose parties have joined forces to govern Italy
Photograph: Alberto Pizzoli/AFP/Getty Images
 
 
 
 
 
 
 
Roberto Saviano
 
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Francis and Mary, the migrant love story that ended in tragedy

 

On a desperate voyage to Sicily, Francis Ipisbhe lost his wife. Now, a year on, he has finally been able to mark her grave

 

 

Sun 3 Jun 2018 07.00 BST

Lorenzo Tondo in Palermo

 

 

 

 

2857.jpg?w=700&q=55&auto=format&usm=12&fit=max&s=88c2da815ede2fab3bd3ccaaa03cd4b9
Francis Ipisbhe at the grave of his wife Mary, in the Rotolo cemetery in Palermo
Photograph: Vincenzo Allotta/Maghweb
 
 
 
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June 1, 2018

Trying to trace the origins of the latest political crisis in Italy is like… well… trying to trace the origins of the decline of the Roman Empire.

 

There simply is no good starting point. 

 

You can’t talk about the decline of Rome without a lengthy discussion of how destructive Diocletian’s Edict on Wages and Prices was in the early 4th century.

 

But you’d have to go further back than that and discuss all the lunatic emperors preceding him, all the way back to Caligula.

 

But you can’t talk about Caligula without bringing up the effects of the civil war between Octavian and Marc Antony… which was a direct result of the previous civil war between Julius Caesar and Pompeius Magnus.

 

Before long you’ve gone back in time more than 500 years trying to figure out why the Roman Empire collapsed.

 

Modern Italy isn’t so different. After all, this is a country so unstable that it’s had 64 governments in the seven decades since the end of World War II, averaging a new government every 14 months.

 

That has to be some kind of world record.

 

And to accurately diagnose how Italy ended up in such dire financial and political turmoil, you’d have to go back a -very- long way.

But for the sake of brevity, we’ll just go back to March. Italy held elections, and the “5-Star Movement” political party won the most seats… but not a clear majority.

 

This required them to establish a coalition with other political parties, which took weeks of haggling and negotiating.

 

But finally the 5-Star Movement was able to hammer out a deal and present a formal plan to Italy’s head of state, President Sergio Mattarella.

The President of Italy is almost purely a ceremonial role, like the Queen of England. But he does have the authority to reject key government appointments, including Prime Minister and Finance Minister.

 

And that’s exactly what he did-- specifically opposing the nominee for Finance Minister, an economist named Paolo Savona.

Savona is a huge critic of the euro, and President Mattarella thought him too dangerous for the post.

 

Again, while the origins are more complicated than that, this is the basic plotline behind the most recent crisis.

Late Thursday night the Italian government announced a compromise, supposedly bringing an end to the uncertainty.

But to me, none of that matters. What I find -really- important is what an enormous impact this soap opera had across the world. And I think there are three critical lessons to take away:

 

1) On the day that the finance minster was rejected, financial markets worldwide tanked.

Italy’s stock market plunged 5%, which is considered a major drop.

But curiously, the stock market in the US fell as well, with the Dow Jones Industrial Average shedding 400 points. Even markets in China and Japan had significant drops as a result of the Italy turmoil.

 

Now, it’s easy to see why Italy’s markets fell. And even the rest of Europe. But the entire world?

Granted, a lot of people made a really big deal out of this event, concluding that it signals the end of the euro.. or Europe itself… or some other such drama.

Sure, maybe. But it’s almost impossible to foretell a trend as significant as ‘the end of the euro’ based on a single event.

At face value, the rejection of a cabinet minister in Italy should have almost -zero- relevance on economies as large and diversified as the US, China, and Japan.

 

To me, this is another sign that we’re near the peak of the bubble… and possibly already past it.

 

Markets are so stretched, and investors are on such pins and needles, that even a minor, insignificant event induces panic.

And it makes me wonder: if financial markets are so tightly wound that something so irrelevant can cause such an enormous impact, how big will the plunge be when something serious happens?

 

2) It wasn’t just stocks either. Bond markets were also keenly impacted.

Bear in mind that stocks are volatile by nature; prices move much more wildly than other asset classes.

But bonds, on the other hand, are supposed to be safe, stable, boring assets. Especially government bonds in highly developed nations.

In Italy the carnage was obviously the worst.

 

Investors dumped the 2-year Italian government bond, and yields (which move opposite to prices) surged from 0.9% to 2.4% in a matter of hours.

Simply put, that’s not supposed to happen. And it hadn’t happened in at least three decades.

Again, though, even in the United States, yields on the US 10-year note dropped 16 basis points overnight, from 2.93% to 2.77% (which means US bond prices increased).

 

That’s considered MAJOR volatility for US government bonds.

 

To put it in context, the only day over the past few YEARS that saw 10-year yields move more than that was the day after Donald Trump won the US Presidential Election in 2016.

 

So it was a pretty big deal.

 

Again, this leads me to wonder: if safe, stable assets like government bonds can react so violently from such an insignificant event, how volatile will riskier assets be when there’s an actual crisis?

 

Just imagine what’s going to happen to all the garbage assets out there (like unprofitable, heavily indebted businesses) when a real downturn kicks in.

 

3) Perhaps most importantly, nobody saw this coming.

 

Even just six months ago, it’s doubtful anyone would have predicted that the rejection of Italy’s finance minister would cause a global financial panic.

And yet it happened.

This is one of the most critical lessons of all: whatever causes the next major downturn can be something completely obscure and unpredictable. And no one realizes it until it’s too late.

 
 

Simon Black,

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Great post CL... The world is certainly standing on the edge and I don't think most people realize how fragile global markets truly are... Hold on tight, because if this economy does step off there will be a lot and I mean a lot of people living in the streets and under bridges.... JMHO

 

B/A

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Italy's new conservative Families Minister had his site hacked with ads for sex drugs

 

Lorenzo Fontana, Italy's new Minister for Families and Disabilities who has made negative statements about *** families and reproductive rights, was targeted by hackers who inserted adverts for erectile dysfunction remedies into the search results for his website

 

 

The Local
4 June 2018
18:31 CEST+02:00

 

 

 

Italy's new conservative Families Minister had his site hacked with ads for sex drugs
Italy's Minister for Families and Disabilities, Lorenzo Fontana of the League. Photo: Alberto Pizzoli/AFP

 

 

 

https://www.thelocal.it/20180604/italy-families-minister-lorenzo-fontana-pharma-hack

 

 

 

 

 

 

 

 

 

Migrant workers in southern Italy strike after Malian man shot dead

 

Migrant farm workers in Calabria were on strike on Monday to protest the death of one of their fellow labourers, a West African man shot dead at the weekend as he gathered scrap metal

 

 

The Local
4 June 2018
12:20 CEST+02:00

 

Migrant workers in southern Italy strike after Malian man shot dead
Graffiti in Rosarno, Calabria, in January 2010 after farm workers were shot at with air rifles.Photo: Carlo Hermann/AFP
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Soccer: Captaining Italy would be signal against racism: Mario Balotelli

 

 

Italy striker Mario Balotelli said on Sunday that giving him the captain's armband would be a signal against racism in the country

 

 

AFP
4 June 2018
15:38 CEST+02:00

 

Captaining Italy would be signal against racism: Mario Balotelli
Mario Balotelli in training for Italy's friendly match against the Netherlands. Photo: Marco Bertorello/AFP
 
 
 
 
 
 
 
 
 
 

What will Italy's new government mean for migrants?

 

An anti-establishment, far-right government in Italy heralds even more controversy over how to deal with the flow of migrants as it raises the spectre of mass expulsions

 

 

AFP
21 May 2018
10:07 CEST+02:00

 

 

 

What will Italy's new government mean for migrants?
A woman aboard a rescue boat arrives in Messina, Sicily. Photo: Louisa Gouliamaki/AFP

 

 

 

https://www.thelocal.it/20180521/what-will-italys-new-government-mean-for-migrants

 

 

 

 

 

 

Italy cannot be 'Europe's refugee camp': Matteo Salvini

 

Italy's new hardline interior minister Matteo Salvini said on Sunday that "common sense" was needed to stop the country from being "Europe's refugee camp" as he visited a migrant centre in the south

 

 

AFP
4 June 2018
09:03 CEST+02:00
 

 

 

Italy cannot be 'Europe's refugee camp': Matteo Salvini
Italy’s Interior Minister Matteo Salvini in Pozzallo, Sicily. Photo: Carmelo Lenzo/AFP
 
 
 
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Highlights: Italian Prime Minister Giuseppe Conte's Inaugural Speech

 

By Reuters

  • June 5, 2018

 

 

 

https://www.nytimes.com/reuters/2018/06/05/world/europe/05reuters-italy-politics-speech-highlights.html

 

 

 

 

 

 

 

The Latest: Tunisia calls Italy diplomat over Salvini remark

 

By Associated Press

Published: 19:25 BST, 4 June 2018 | Updated: 19:41 BST, 4 June 2018

 

 

 

http://www.dailymail.co.uk/wires/ap/article-5804963/The-Latest-Tunisia-calls-Italy-diplomat-Salvini-remark.html

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Italy's new government wins parliament's vote of confidence

 

Italy's new government officially took the reins of the eurozone's third largest economy on Wednesday after a decisive victory in the country's chamber of deputies gave parliamentary approval to a populist coalition that has alarmed EU officials

 

 

AFP
6 June 2018
08:58 CEST+02:00
 
 
 
Italy's new government wins parliament's vote of confidence
Prime Minister Giuseppe Conte addresses the lower house. Photo: Filippo Monteforte/AFP
 
 
 
 
 
 
 
 
 

Here are the main things Italian PM Giuseppe Conte said in his first speech

 

Prime Minister Giuseppe Conte made his maiden speech to parliament on Tuesday, the first time the new premier has spoken in public since he was sworn in last week. Here are the highlights

 

 

The Local
5 June 2018
18:30 CEST+02:00
 

 

 

Here are the main things Italian PM Giuseppe Conte said in his first speech
Prime Minister Giuseppe Conte shakes hands after his speech. Photo: Andreas Solaro/AFP
 
 
 
 
 
 
 
 
 
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Agree with Trump that Russia should return to 'G8' - Conte

Mulling stances on Russia sanction veto says Italy PM

Redazione ANSA Charlevoix
08 June 201817:38 News

 

 

 

http://www.ansa.it/english/news/2018/06/08/agree-with-trump-that-russia-should-return-to-g8-conte-2_5afcdcea-d570-4806-ae89-ad345d546f12.html

 

 

 

 

 

Italy's Salvini threatens to close ports to migrants in row with Malta: reports

 

 

Terry DALEY
AFP News10 June 2018
 
 
 
 
 
 
Catch 22 situation....There are 629 migrants  on the boat including 123 unaccompanied minors of which 11 are small children and seven pregnant women ....
 
Definitely an humanitarian case needing a fast solution
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Italy shuts ports to migrant boat, asks Malta to open its doors

 

The mayor of Naples, Luigi De Magistris who has repeatedly clashed with the League leader, said he would welcome in the humanitarian boat.

"Naples is ready, without funds, to save lives," he said

 

 

Sunday 10 June 2018 20:07 UTC
Last update: 
Sunday 10 June 2018 20:53 UTC

 

 

 

 

http://www.middleeasteye.net/news/italy-shuts-ports-migrant-boat-asks-malta-open-its-doors-742206224

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11 June

Mediterranean rescue vessel crew keep migrants calm during standoff

 

Hundreds receive medical attention on board MS Aquarius as it awaits permission to dock

 

 

Angela Giuffrida in Rome

Mon 11 Jun 2018 14.40 BST

 

 

 

https://www.theguardian.com/world/2018/jun/11/mediterranean-rescue-vessel-ms-aquarius-migrants

 

 

 

 

 

 

Migrant rescue ship rejected by Italy invited to dock in Spain

 

Pedro Sánchez says Spain will welcome the 629 migrants on board MS Aquarius

 

 

Stephanie Kirchgaessner, Patrick Wintour, Lorenzo Tondo, Sam Jones and Daniel Boffey

Mon 11 Jun 2018 13.55 BST

 

 

 

https://www.theguardian.com/world/2018/jun/11/un-calls-for-migrant-ship-to-be-allowed-to-dock-in-italian-port

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Southern mayors defy Italian coalition to offer safe port to migrants

 

Palermo, Sicily  mayor offers to open port to rescue vessel but may need coastguard cooperation

 

 

Patrick Wintour, Lorenzo Tondo and Stephanie Kirchgaessner

Mon 11 Jun 2018 09.02 BST

 

 

 

https://www.theguardian.com/world/2018/jun/10/italy-shuts-ports-to-rescue-boat-with-629-migrants-on-board

 

 

 

 

 

 

Italy's coalition on collision course with EU after migration standoff

 

Matteo Salvini’s (Interior Affairs Minister..... of far-right party League) hardline stance risks sparking crisis over EU asylum reforms

 

 

Mon 11 Jun 2018 15.23 BST

Jon Henley

 

 

 

 

https://www.theguardian.com/world/2018/jun/11/italy-coalition-collision-course-eu-migration-standoff-matteo-salvini

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