Greek Night - Eurozone Crisis

The New York Times: Reports that Italian PM Silvio Berlusconi has problems even getting his own Coalition Partners the Northern League to agree to economic reforms. Thus you have a split Coalition Government, a PM who has political and legal problems, the Unions that see their perks on the chopping block, the Markets don’t trust the Italian Governments, thus the high cost of 1 to 10 year bonds, and now the IMF will be checking up on the Italian Government. The Chief of the IMF, Christine Lagarde has stated she will state if Italy is back peddling its promises, thus Italy is now in the eye of the storm folks.

Greek Night - Eurozone Night

Guardian Live: Reports the following on Italy and its bonds, “ ..conventional wisdom is that 7% is the point at which a country cannot borrow from the financial markets.... ”. Thus as Italian bonds raise close that 7% what has the Italian Government done, it has turned down a loan from the IMF. Its an interesting thought folks, will the Italian Parliament allow the IMF to check its books, does it want Italy to be seen as another Greece, does it want the IMF to run the Italian economy, its not an abstract question folks, if the Greek crisis goes on and on, the Markets will start to question the reforms of the Italian Government. The Italian economy needs a Lady Thatcher to come in to reform the system, the Unions and the professions are to powerful, the question is can a weak Italian Government reform the system, No would be the truthful answer folks.

Greek Night - Eurozone Crisis

Telegraph Live: Reports that Italy is heading for its bonds costing 7% over ten years, in other words over the cliff. In many respects folks Greece is a sideshow, if Italy goes under its all over for the Euro and the EU. The contagion of Greece has already happened folks, from reports over the day it seems that the Italian PM Silvio Berlusconi has turned down a loan from the IMF, but granted them access to the books, sorry folks, this blog simply does not buy that Italy will ever give the IMF its real books, cooked books yes, but the real dire economic books of Italy, give this blog a break, Italy can not be allowed to fail, they have the EU/IMF/ECB by the balls, they yank and the troika has to give money to Italy. The Godfather would be pleased. Alright this blog has seen the Godfather films and series to many times but as its most basic is the fact that the EU can not bailout out Italy, thus the Italian Government can yank the chain of the Troika without much blowback, the question is who is going to pay for Greece and who gets the horses head!! Or as the Godfather himself said, “ Every time I think I am out, they pull me back in again !”.

Greek Night - Eurozone Crisis

BBC Live - Greece: Reports on the build up to the No Confidence vote in the Greek Government and that the referendum idea is official a dumped. Its Greek night folks, the actual vote wont be in till around 12am local time, 10pm UK time, typical Greeks, it could go many ways folks, the Government Party by dropping the referendum idea could get its own MPs to back their own PM. If the Government gets over the confidence vote then one rumour is that the PM will resign, a dignified exit in a way, then formation of National Government. Lets see if the Conservative Opposition really wants in prints on the austerity package. Have doubts folks, would you if your in the Opposition want to share the political pain. Then there is the chance that the Government falls, temporary Government to pass the Austerity package, but then a General Election, the issue the Austerity package. At the end of the day folks the people of Greece have to decide can they take the austerity pain, if not they are out, its that simple, the EU cant have this going on for weeks, even months. Thus long night in Athens folks. This what happens when you get rid of Monarch folks.

Afghanistan Front News

MOD: Has announced the name of the UK Soldier that was killed on Thursday in Afghanistan, the Soldier was “ Private Matthew Haseldin from 2nd Battalion The Mercian Regiment (2 MERCIAN) ”. Our thoughts are with the family of Private Haseldin.