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Sunday 29 January 2023 Dublin: 10°C

# Italian economy

All time
# Italy
Berlusconi wants new government to 'confront' EU's austerity agenda
The 76-year-old former premier is set to join a new grand coalition – and says he’s hoping to be made the Minister for Finance.
# Italians in Ireland
Ireland's Italians dump Berlusconi and vote for anti-establishment comedian
Italy allows expatriates abroad to vote in parliamentary elections – with Beppe Grillo’s Five Star Movement leading here.
# What now?
Second election likely in Italy as Bersani fails to seal grip on power
Silvio Berlusconi’s strength in key regions means Pier Luigi Bersani cannot claim power, with another election now due.
# Italian election
Early results show no clear winner in Italian election
Pier Luigi Bersani’s coalition wins the house, but Silvio Berlusconi takes enough Senate support to mean no clear winner.
# Italian election
Explainer: Everything you need to know about today's Italian election
Who’s running? What’s at stake? How are they picked? And is Silvio Berlusconi really in line for a fourth term in office?
# Yikes!
Euro crisis: Spanish cost of borrowing hits 7pc as investors seek safety
The costs had fallen after Greece’s election, but are back up this morning as the fear of contagion remains…
# Bond Markets
Euro crisis: Spain's cost of borrowing rockets as Lagarde warns of 'race against time'
If you were lending cash to the Spanish government for 10 years, you’d get an annual interest rate of 6.76 per cent.
# Mama mia!
Moody's cuts ratings of 26 Italian banks
The banks include the country’s two largest banks, with one third of the market – while 10 banks are now ‘junk’.
# Italian economy
Italian government puts back 'balanced budget' plan to 2015
Mario Monti’s government says the economy will shrink three times more than expected, and that they’ll need more time.
# Bond Markets
ECB steers clear of bond-buying for first time since August
Last week marked the first time in six months that the European Central Bank didn’t intervene in the sovereign bond markets.
# Italy
Monti to close Italian Church property tax loophole
Mario Monti’s moves to end a waiver on property taxes comes just as the Holy See shows concern at its financial state.
# Downgrade
Interest rates plunge as Italy raises €6 billion in new auction
What downgrade? Italy flogs billions in 12-year bonds with interest rates falling dramatically on a similar bond last month.
# Italy
Italian parliament passes vote of confidence in Monti's government
The Italian senate follows the chamber of deputies in passing a motion of confidence in Mario Monti’s technocratic cabinet.
# Italy
Monti calls vote of confidence on latest €33bn cuts package
Mario Monti wants to be totally sure that he retains the support of the Italian parliament as he presents yet more austerity.
# Austerity
WATCH: Italian welfare minister cries during austerity announcements
Elsa Fornero breaks down in tears as she announces moves to cut the link between welfare payments and inflation.
# Italy
Italy pays nearly 8 per cent for three-year bonds
Italy faces its highest cost of borrowing ever, raising €3.5bn through the sale of three-year bonds at rates of 7.9 per cent.
# Bond Markets
Italy heads for bailout territory after awful bond auction
Italy raises €10bn in two short-term auctions – but sees its interest rates go through the roof, and into unsustainable levels.
# Debt Crisis
Student study: Ireland could write off 85 per cent of its European debt
The pan-European ESCP business school says Ireland could get rid of €184bn in debts – by simply cancelling them out with others.
# Italy
Berlusconi threatens to scupper confidence vote in new government
Silvio Berlusconi has reportedly said he will bring down Mario Monti’s independent government if he disapproves of its policies.
# spainwreck
Spain in the firing line as borrowing costs hit new highs
The price of borrowing for Spain is approaching the 7 per cent barrier, after both Spain and France struggled with bond auctions.
# New Beginning
Monti announces Italian cabinet - and will be his own finance minister
The new Italian cabinet is made up mostly of independent technocrats, and will see Monti double up as PM and finance minister.
# Italy
Monti set to announce new Italian government
Mario Monti completes two days of tense negotiations, and is set to present his new government to the president this morning.
# Bond Markets
Italian borrowing costs spike again as coalition talks go on
The markets seem nervous about Mario Monti’s attempts to form a government – while a Spanish bond auction also goes badly.
# Italy
Italian bonds hit 7.4 per cent as Europe enters crisis mode
The price of borrowing for the Italian government is now at the same level which prompted bailouts for Ireland and Portugal.
# Italy
Moody's cuts Italian credit rating by three notches
The agency cuts its rating of Italy for the first time in two decades – as fears continue over over the viability of the Eurozone.
# Bond Markets
ECB spent €14bn on Spanish and Italian bonds last week...
…and its input was virtually worthless, because prices today are pretty much exactly where they were seven days ago.
ECB's chief economist quits over divisive bond-buying policy
Jürgen Stark is stepping down three years early – apparently in protest at ECB policies not favoured by his native Germany.
# Germany
Merkel welcomes ruling, but insists: 'We will never back Eurobonds'
Angela Merkel welcomes the Constitutional Court’s decision – but says it does not mean the emergence of a closer fiscal union.
# Debt Relief
Germany’s Constitutional court upholds participation in EU bailouts
Germany was not acting unconstitutionally in sanctioning a Greek bailout, the court says – though future bailouts need greater approval.
# Markets
Markets take a nose dive as bond crisis returns with a bang
Christine Lagarde says there’s a “crisis of confidence”. No kidding: markets are slipping while borrowing costs are back on the up.
# Italy
ECB demands that Italy plough ahead with tough austerity plans
Silvio Berlusconi has been forced to drop some plans in a bid to win political support – but Jean-Claude Trichet isn’t too pleased.
# Bonds
ECB continues to ease off on bond-buying programme
The ECB’s purchase of Spanish and Italian bonds continues to wind down, with purchases down to €6.65bn last week.
# Bond Markets
Crisis averted? ECB eases off on bond-buying
The ECB spent €14.3bn buying Spanish and Italian bonds last week, down from €22bn the week before, as the crisis eased.
# Markets
What is ‘short selling’ – and has it made any difference to the markets?
Italy, Spain, France and Belgium ban investors from betting on falls – but the main markets still slip on their opening.
# In the red
Dow disaster: 632-point drop is the 6th-worst in history
The Dow Jones ends its day deep in the red, as the S&P loses 6.6 per cent and the NASDAQ sheds nearly 7 per cent of its value.
# Markets
US markets continue nosedive as investors dump shares for bonds
The US bond market responds brilliantly to the S&P downgrade, but the world’s stock markets are the obvious victims.
# Debt Crisis
Barroso warns: the Eurozone debt crisis is spreading
The President of the European Commission tells us what we already know, as he calls for “full backing” for struggling countries.
# Euro in crisis
Europe teeters on the brink as Spanish, Italian borrowing costs rise
If it was borrowing today, Spain would pay 6.3 per cent interest for a 10-year loan – a level that can’t be sustained.
# Bailout
Bailed-out Ireland could stump up €11.1 billion… to pay for new bailout fund
The new European Stability Mechanism will need will claw back a huge amount of the loans it’s already giving us.