Italy 'needs 300bn euro loan to stand still'

[dipsydoodle]

Source: BBC News 7 November 2011 Last updated at 12:03 GMT

The new borrowing cost of 6.64% for Italy has increased fears of the European debt crisis deepening.

The country is massively endebted, says Louise Cooper of BGC Capital.

She said Italy would require 300bn euro of debt relief "just to stand still".

"This is contagion, this is what it looks like," she told the BBC's Aaron Heslehurst.


Read more: http://www.bbc.co.uk/news/business-15622042

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Italy government borrowing rates hit euro-era high.

The Italian government's borrowing cost has risen as fears grow over political uncertainty in Rome.

The yield on Italian 10-year bonds rose from 6.37% to a euro-era high of 6.64%, before retreating to 6.53%.

It is feared that Italy, the eurozone's third biggest economy, could become the next victim of the debt crisis. PM Silvio Berlusconi faces a crunch vote on public finance on Tuesday.

Stock markets in London, Paris and Madrid were also trading lower.

http://www.bbc.co.uk/news/business-15617132

[Dutchmaster]

1. It's time to put an end to this suystem of regulating resources.

It is clearly an abject failure.

[Bosonic]

2. Do you mean money in general?

If so, what's your suggested alternative??

And is this new system immune to evolving into money 2.0???

[JackRiddler]

7. Are you still beating your spouse?

[CoffeeCat]

3. So what is Berlusconi's story?

Is he a right-wing, corporatist hack who will drum up the fearmongering--and insist
that a bailout of the big banks is the only way to avoid financial armageddon?

Or will he be courageous, as the Iceland leaders have done, and tell the global
banks and the IMF to go suck eggs?

We all saw what happened in Greece. I think their Prime Minister tried to interject
democracy, with a referendum--allowing the people to vote on the bailout. We all
saw what happened there.

The global, powerhouse banks have created these circumstances, so they can swoop in
and take over--giving them even more power and control.

I hope Berlusconi tells them to take a hike. The world will not end if it is not
under the jack boot of these corrupt, mafia banks. There would be a rebuilding
period, but it would be worth enduring--to be free from the bankster enslavement
we have now. These banks are interested in more than money and greed--they want
to control governments--and be the government.

[muriel_volestrangler]

4. You seem to be forgetting that Berlusconi is even more corrupt than most bankers

He'd only fight them if there was something in it personally for him. Seriously, have you seen the number of court cases he's had to face?

And, by the way, Iceland cooperated closely with the IMF. It's incredible the number of DUers who just don't know this, but trot out Iceland as if it's an example of opposing the IMF. See http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=439&topic_id=2229121&mesg_id=2234045

[Name removed]

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[JackRiddler]

6. No. Italy needs to default on this nonsense.

[dipsydoodle]

8. Yes, yes, yes

That and Greece together would competely fuck the USA.

[JackRiddler]

9. It's not about "fucking the USA."

Bankruptcy is a fact of life. When it happens to a nation -- and it's happened often -- the solution cannot be to saddle the young and the unborn with a lifetime of debt slavery. No matter who is to blame (and in this case, the banks are most of all to blame for having caused the economic meltdown that inflated sovereign debts). Italy needs to restart, just like Greece.

Furthermore, the PTBs who have most "fucked" everyone to cause this crisis do sit in the USA. We call them "Wall Street" for short.

[dipsydoodle]

10. That will however be the outcome.

The chickens coming home to roost.

[christx30]

11. They should have switched

to single ply toilet paper in government offices a long time ago. But paying extra for the two ply stuff has put them into this situation.
Time to start clipping coupons.

[Prometheus Bound]

12. I'm afraid I'm unable to lend them any money at this particular time.

[harun]

13. Budgetting is hard when you can't simply print more money like the U.S. does.