Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Italy’

Italy sends a sensible budget to Brussels

Posted by hkarner - 18. Oktober 2019

Date: 17-10-2019
Source: The Economist

All much less confrontational now that Matteo Salvini is out of government

Purtroppo, la nostra macchinetta è guasta (“Unfortunately, our little machine is broken”) should feature in Italian phrase books, for it is an expression every shopper in Italy encounters before long. Accompanied by a glance at a supposedly sickly payment terminal, it tells the customer proffering a card that only cash will do.

Measures in Italy’s draft 2020 budget, sent to the European Commission for scrutiny on October 16th, aim to thwart this and other methods of avoiding the traceability—and taxability—of transactions. One would lower the limit for cash payments from €3,000 ($3,300) to €2,000. Another would create a lottery with prizes restricted to credit- and debit-card users. Den Rest des Beitrags lesen »

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Strafzinsen: Immer mehr Banken planen Negativzinsen für Private

Posted by hkarner - 17. Oktober 2019

Als erste Bank in Italien will die Bank-Austria-Mutter Unicredit reiche Privatkunden zur Kassa bitten. In Österreich schützt ein OGH-Urteil Sparer

Leopold Stefan, derstandard.at

Banken zahlen Milliarden an Strafzinsen an die EZB. Immer mehr Institute wollen diese Kosten auf ihre Kunden abwälzen.

Wien/Mailand – Vielen Banken brennt es längst unter den Nägeln. Im September hob die Europäische Zentralbank den Strafzins auf 0,5 Prozent an. Die EZB verlangt von Europas Geldhäusern seit fünf Jahren Zinsen für geparktes Geld. Seither lieferten die Banken über 21 Milliarden Euro in Frankfurt ab, wie eine Auswertung der Plattform Deposit Solutions berechnet. Immer mehr Finanzinstitute wollen diese Kosten in Form von Negativzinsen an ihre Kunden weitergeben.

In den meisten Fällen sind davon Unternehmen betroffen – in Deutschland etwa jedes dritte, wie eine aktuelle Umfrage ergab. Doch auch wohlhabende Privatkunden werden zunehmend zur Kassa gebeten. Nun will als erste Bank in Italien die Bank-Austria-Mutter Unicredit private Spareinlagen mit Negativzinsen belegen. Betroffen sind Kunden mit einem Vermögen von über einer Million Euro. Ähnliche Schritte haben bereits die Berliner Volksbank und die dänische Jyske Bank unternommen. Den Rest des Beitrags lesen »

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Matteo Renzi’s split leaves Italian politics in turmoil again

Posted by hkarner - 19. September 2019

Date: 18-09-2019
Source: The Economist

The former prime minister pledges loyalty to the government—for now

THE SWEARING-IN this month of a government yoking the populist Five Star Movement to the centre-left Democratic Party (PD) was a big relief to investors in Italy’s volatile government debt and to others with a stake in the country’s political stability. Among other things, the new alignment promised to keep the Northern League, a Eurosceptic, nativist party led by Matteo Salvini, out of office until 2023 when the next general election is due.

But on September 17th Italian politics were once more cast into commotion. Matteo Renzi, prime minister for almost three years until December 2016, announced he was leaving the PD to form a separate parliamentary caucus. That appeared to be his first step towards the foundation of a new centrist party along the lines of La République En Marche in France and Ciudadanos in Spain.

Mr Renzi called the incumbent prime minister, Giuseppe Conte, to assure him his nascent group would continue to support the government. And it was soon apparent that a majority of Mr Renzi’s followers in parliament intended to stay in the PD. Until now, he has been able to count on the loyalty of more than half the party’s 111 deputies and 51 senators. Yet only about 20 in the lower house and ten in the upper were reportedly prepared to join him. Pollsters mused that, in an election, Italia Viva (the name of the new grouping) would scrape only 3-8% of the national vote. Den Rest des Beitrags lesen »

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Italy’s Precarious Triumph Over Populism

Posted by hkarner - 15. September 2019

Date: 14-09-2019
Source: Foreign Affairs By Alexander Stille

Reports of Matteo Salvini’s Demise Are Greatly Exaggerated


Matteo Salvini

Last month, Matteo Salvini, leader of Italy’s right-wing populist Lega party, attempted a Machiavellian power move. Hoping to take advantage of his soaring popularity, he brought down his own government, with the clear intention of forcing elections that would return him as Italy’s uncontested strongman. To his own and most Italians’ surprise, his jilted coalition partner, the Five Star Movement, turned around and formed a new government with the center-left Democratic Party (DP), until then the government’s principal opposition.

And so Salvini had transformed what appeared as a moment of historic triumph for the right into a major opportunity for the left. Salvini had committed what the Italians call an autogol, a soccer term for accidentally kicking the ball into your own net.

“The idea of saving our country from a swerve into dangerous populism based on hatred prevailed,” said Nicola Zingaretti, the secretary of the Democratic Party. When the new coalition was announced, many commentators breathed a sigh of relief that Italy had prevented what some feared would be the “Orbanization” of Italy, or the emergence of a far-right government, led by Salvini, that would follow the neo-authoritarian model of Hungarian Prime Minister Viktor Orban.  Den Rest des Beitrags lesen »

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Eight and a half, Carlo De Benedetti from Lilli Gruber: „personal betrayal“, what lies behind the assault on Renzi

Posted by hkarner - 13. September 2019

„The prize of falsehood a Matteo Renzi„. He was very hard with his former pupil,,Carlo De Benedetti and chose Lilli Gruber is Half past eight last Monday to reiterate all his personal disappointment for the former premier. A judgment almost harder than that reserved for Matteo Salvini, That’s all to say. According to Augusto Minzolini, in his background on the Newspaper, Renzi’s reaction would have been furious: „It is difficult to do better than the Engineer when he discarded the ideas of Steve Jobs or when he made Olivetti fail. However, the phrase on Renzi champion of falsehood, could even be querelabile.
„Renzi will decide when to let him die“. De Benedetti to Eight and a half, very violent on the former premier

Always second the newspaper, the De Benedetti-Renzi feud would be a matter of „personal betrayal“. After the legal case and the investigation for insider trading, born from the meeting of the Engineer the then premier in January 2015, a few days before the reform of the popular banks (De Benedetti, from the tip of the premier, earned about 600 thousand euros), Renzi’s decision to bump into the constitutional referendum in 2016 would have definitively cracked relations. Republic and Expressed „considers him the real responsible, with the defeat of the referendum, of the arrival of the barbarians grillini and leaguers at Palazzo Chigi „. Not only that, it was Renzi who reopened the doors to the 5 Stars a month ago, a hypothesis openly opposed precisely by Republic. And it is not a case.

Video: https://www.la7.it/otto-e-mezzo/rivedila7/puntata-del-09092019-conte-2-la-vendetta-09-09-2019-281290

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Amid Italy’s Beauty, a Vista of Decline

Posted by hkarner - 1. September 2019

Date: 31-08-2019
Source: The Wall Street Journal By Gerard Baker

The country’s rich history contrasts with today’s economic and political turmoil.

Vineyards near Montalcino, Italy.

There was a joke that was popular when I was in college. “I had a great summer job this year,” it went. “What was it?” went the reply. “I was prime minister of Italy.”

I didn’t quite get the job this summer, though I did something even better—spending several weeks in the Tuscan countryside, resting, reading and writing. While I was there, on cue, the Italian government collapsed, and this timely juxtaposition of inner serenity and public turmoil prompted a few thoughts about our larger dispensation.

It’s hard to imagine a better place to ponder the arc of our civilization’s history than the rich, hilly lands from Tuscany down to Rome. It’s partly the views—across vine-covered slopes and cypress-studded hilltops to gorgeous honeyed-stone villages—and the long lunches of pasta and red wine that induce a contemplative mood under the relentless sun.

But it’s also the ubiquitous reminders of our historical roots in this fresco landscape. You can make a solid case that the small swath of hilly terrain between Florence and Rome has had more impact on our civilization than any other territory anywhere on Earth. Den Rest des Beitrags lesen »

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Italy’s Progressive Surprise

Posted by hkarner - 31. August 2019

Date: 30-08-2019
Source: The Wall Street Journal By The Editorial Board

The establishment and insurgent left team up to take out Matteo Salvini.


Matteo Salvini in Rome

A week ago Matteo Salvini looked like Italy’s next Prime Minister, but now the League leader is headed for the political wilderness. Italy’s most interesting politician will have to watch as the left tangles with Brussels while trying to revive the economy.

On Wednesday night leaders from the insurgent 5 Star Movement and the establishment Democratic Party announced an agreement to form a center-left coalition. The parties provided few details, though Prime Minister Giuseppe Conte will keep his job. This doesn’t look like a government built for the long-term—but what else is new in Italian politics?

In 2018 Mr. Conte, a lawyer, was plucked from near-obscurity to mediate an unruly coalition between the conservative League and the leftist 5 Star Movement. Imagine if an unknown law professor became U.S. President—with Bernie Sanders and Donald Trump as strong co-vice presidents. Ministers from each party often undermined each other publicly and squabbled over parochial issues like rail projects and basic questions about the role of government. Den Rest des Beitrags lesen »

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Britain and Italy are now the terrible twins of Europe

Posted by hkarner - 23. August 2019

Date: 22-08-2019
Source: The Guardian by Martin Kettle

Poles apart for decades, the similarities are now uncanny as populist governments produce ever more extreme policies

Politically, Britain is becoming more like Italy.’

For most of the time since 1945, the politics and government of Britain and Italy have seemed like polar opposites. True, both were important European powers. True too, each had a place among the world’s major economies. Even now, Britain and Italy will be among the select group of economically powerful nations whose leaders will gather in the Second Empire splendour of Biarritz’s Hotel du Palais this weekend for the latest G7 summit.

In the past, that was where the similarities began to ebb away. In politics, Britain was famously stable while Italy was infamously not. British governments were domestically strong, while Italian governments were weak and short-lived. In Britain, leftwing politics was rooted in industrial unionism, while Italy possessed the largest, most modern-minded and most alluring communist party in the west. When Britain looked in the mirror it saw the embodiment of probity and practicality, while Italy was all too often synonymous with crime and corruption. While Britain maintained its autonomy by refusing to join the eurozone, Italy enthusiastically embraced its upper mid-table place in the EU and its membership of the single currency was shamelessly engineered.

Today, the political comparison is marked not by divergence but by an increasing convergence. Politically, Britain is becoming more like Italy. Like Italy, Britain is an increasingly hard to govern country that makes less and less effort to address its underlying economic, social and political problems. Instead, like Italy, Britain appears to be drifting steadily to the right under skilful populist leaders whom the political institutions are proving unable to control. Den Rest des Beitrags lesen »

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WSJ Bias Towards Brussels

Posted by hkarner - 22. August 2019

Date: 21-08-2019
Source: The Wall Street Journal By The Editorial Board
Subject: Italy’s ‘Hail Matteo’ Pass

If Salvini can win an election, Brussels owes him some running room.


Deputy Prime Minister and Interior Minister Matteo Salvini looks on during the debate at the Italian Senate, Rome, Aug. 20.

Italy’s coalition government collapsed Tuesday, and just as well. The awkward entente between the right-wing League and the left-leaning 5 Star Movement has barely functioned for most of its 14 months in power, and if a new election clears the way for one to emerge more firmly—and solely—in control, so much the better.

League leader Matteo Salvini would be the likely winner if there is an election. League’s support has risen to nearly 40% in most opinion polls, from the 18% vote share the party won in last year’s election. This is partly due to the party’s hard line on migration, an issue on which Mr. Salvini has taken a leading role as Interior Minister in the current administration. But his economic chops also played a role in his political ascent. The League has built a reputation as a pro-business party, and Mr. Salvini is pitching a corporate tax-rate cut as a centerpiece of his plan to revive Italy’s fortunes.

That fiscal gambit is at the root of Rome’s recent feuds with the European Union. The accountants in Brussels cling to largely invented economic forecasts to resist Mr. Salvini’s desire to experiment with tax reform. Mr. Salvini’s coalition partners hurt matters with 5 Star’s grandiose promises to expand welfare spending, which is recklessness the EU should discourage.

This wrangling creates uncertainty that markets dislike. Fear of an Italian exit from the eurozone or the EU seems overblown as long as 65% of Italians support eurozone membership and Italians trust the EU more than they trust their national government, according to the most recent Eurobarometer poll. The main threat to political stability and the EU now is that Brussels changes Italians’ minds by thwarting Mr. Salvini’s reform efforts. Den Rest des Beitrags lesen »

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A League of its own: Italy’s political mess

Posted by hkarner - 21. August 2019

The Economist, 20/8

“Even the crisis is in chaos”, an Italian newspaper recently proclaimed. As Giuseppe Conte, Italy’s prime minister, prepares to address the Senate today, the possible outcomes are legion. Matteo Salvini, leader of the hard-right Northern League, one of two parties in Mr Conte’s coalition, has withdrawn his support (but not his ministers), so the prime minister may resign without waiting for a confidence vote. If one is held, it could go either way: the other party, the anti-establishment Five Star Movement (M5S), together with the centre-left PD and others could give Mr Conte a majority. Forming a PD-M5S coalition with a common programme, however, would not be easy. Given the parliamentary arithmetic, which he seems to have ignored until too late, Mr Salvini has tried to woo back the M5S. But on Sunday, M5S’s leaders slammed the door, describing him as untrustworthy. An election would suit the buoyant League. The forecast? Unseasonably foggy.

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