Quantum Windbag
Gold Member
- May 9, 2010
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I thought a deficit was good for the economy.
Italy's Berlusconi Readies Crisis Measures - TheStreet
Just 48 hours after Silvio Berlusconi told the markets everything was fine and pleaded with Italian bond holders not to panic, the Italian prime minister will make a second attempt on Friday to calm market fears that have driven up the cost of Italy's borrowing to a new euro-era high.In a fresh attempt to reassure the markets, Berlusconi later Friday will announce a package of measures to speed up the liberalization of Italy's overly bureaucratic economy.
The Financial Times reported the Italian prime minister held emergency talks Friday after yields on benchmark 10-year bonds rose to 6.4% -- higher than the return demanded on Spanish government debt for the first time in more than a year. This places Italy firmly at the heart of the escalating sovereign debt crisis in Europe.
The measures will be announced after the close of markets in Milan. They're reported to include plans for a balanced-budget constitutional amendment, the liberalization of services, a speeding up of welfare reforms and other measures designed to boost Italy's stagnant economy.
Italy's Berlusconi Readies Crisis Measures - TheStreet