Tuesday, November 08, 2011

Berlusconi resignation repercussions.

Italian politics seem about to play some strange tricks on the EU. Prime Minister Berlusconi won the vote on the 2010 budget by 308 votes to zero as his opponents abstained. Following a meeting with the President of Italy, it appears Berlusconi will resign when the latest EU/ECB/IMF austerity package is approved around the end of this month, a General Election could then follow in January.

It should be recalled at this point that Umberto Bossi, leader of the Northern League, and Berlusconi's coalition partner, earlier caused problems as he would not sign off on a pension extension to 67, presumably as such would potentially prove electoral suicide for him in his northern parliamentary strongholds!

Will not the same be true to a greater or lesse extent for all the political parties with a General Election looming. Only Berlusconi would seem able to stand in such a national plebiscite and claim that his party resisted captulation to the giggling non-entities Merkel and Sarkozy, who had humiliated Italy with their ill-judged sniggering.

Interesting weeks seem to lie ahead, in Italy while in Greece the coronation of a new Prime Minister, reported to most probably be Lucas Papademos an EU placeman with Central Banking and an ECB background could open the prospects of even more difficult events as the realities of the cancelled referendum are daily brought home through ever growing national misery!

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