Photo: Wikimedia commons
With his country spiraling closer towards economic disaster, Italian PM Silvio Berlusconi is to address parliament.The speech, due to begin momentarily, is (not accidentally) coming right as European markets close.
The benchmark FTSE MIB index was off over 1%.
Some points from the speech:
- Berlusconi blames speculators and the loss of confidence. He also say sit’s more about international issues, but that Italy has solid fundamentals and liquid banks. Pretty standard stuff.
- By 2014, the debt should be stabilised and reduced (via Matina Stevis).
- The US debt ceiling deal has yet ot ease market tensions.
- Says market not pricing risk correctly.
- Household debt in Italy, he says, is the lowest of the big nations.
- The declines in Italian banks are excessive.
And that seems to be it. Nothing too huge.