Italy

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Mafia Is Italy&#39;s &#39;No. 1 Bank&#39;
 Mafia Is Italy's 'No. 1 Bank' 
Jan 11, 2012 9:01 AM CST

Mafia Is Italy's 'No. 1 Bank'

New report says crime pays, and has cleaned up its act

(Newser) - How bad is Italy's debt crisis? So bad that the Mafia is now collectively "Italy's No. 1 bank," with roughly $83 billion in liquidity and about $127 billion in annual profits, according to a new report from a prominent Italian business group. Crime organizations such as...

Italy&#39;s Mount Etna Erupts
 Italy's Mount Etna Erupts 
Jan 6, 2012 8:15 AM CST

Italy's Mount Etna Erupts

Column of ash measured 16K feet

(Newser) - Mount Etna is at it again: Europe's most active volcano burst to life again yesterday morning, spewing lava and sending a pillar of ash 16,000 feet into the air, ITN reports. Experts say there's no danger to nearby villages, however, and so far no flights have been...

Italy Takes Quirky Approach to Catching Tax Evaders

Authorities raid posh ski resort, find lots of hard-to-explain Ferraris

(Newser) - Italian authorities paid a not-so-friendly visit to a ritzy ski resort to try to put a dent in an entrenched culture of tax evasion: They traced all the Ferraris and other luxury cars parked there and found that 42 belonged to people who had declared incomes of $38,700 or...

Collapse of Eurozone Begins in 2012: European Think Tank

 Euro Breakdown Starts Now 
think tank says
Jan 2, 2012 4:50 PM CST

Euro Breakdown Starts Now

CEBR gives Eurozone 99% failure rate over 10 years

(Newser) - Welcome to the year that the Eurozone begins its breakup and slides into certain doom—or so says one economic think tank in Europe. There is a 60% chance that "at least one country (and probably more) will leave" the euro in 2012, the head of the Centre for...

Italy Passes Austerity Measures Amid Strikes

Furious unions protest with transport shutdown

(Newser) - The Italian government today easily won a confidence vote on its package of austerity measures in the lower chamber of Parliament as more protest strikes hit the country. Premier Mario Monti had called the vote in the Chamber of Deputies to speed passage of the $39 billion in extra taxes...

Euro Dives Below $1.30
 Euro Dives Below $1.30 
Last time: Jan. 12
Dec 14, 2011 7:52 AM CST

Euro Dives Below $1.30

Italian bond sale drives price south

(Newser) - The euro has dropped below the $1.30 mark for the first time since January, after a less-than-ideal Italian bond offering stoked fears over the Europe's ongoing debt woes. The currency at times sagged as low as $1.2994 in European trading, after swinging between $1.2989 and $1....

Italian Author Opens Fire on African Traders

Right-wing extremist kills 2 in Florence

(Newser) - A far-right Italian author opened fire on Senegalese traders at two markets in the heart of Florence yesterday, killing two and seriously injuring three. Witnesses said Gianluca Casseri calmly got out of his car and took aim at the African vendors, the BBC reports. The 50-year-old science fiction author turned...

Meet World&#39;s Richest Cat
 Meet World's Richest Cat 
Dec 10, 2011 7:16 AM CST

Meet World's Richest Cat

Italy's Tomasso inherits owner's $13.4 million estate, sort of

(Newser) - Now that's some serious scratch—Tommaso, a 4-year-old former stray, is now the world's richest cat, the inheritor of $13.4 million worth of properties around Italy, reports the Guardian . Tommaso's rich owner, a 94-year-old childless widow, died last month, leaving her entire estate to her cat....

George Clooney Named as Berlusconi Witness

Star says he wasn't at Italian PM's 'bunga bunga' party

(Newser) - Coming soon to an Italian courtroom: The Berlusconi Bunga Bunga Trial, starring George Clooney, Silvio Berlusconi, a former belly dancer, and dozens of starlets and showgirls. Clooney is among the 214 defense witnesses to be called at the former Italian prime minister's trial on charges that he paid an...

Italy's Monti Forms Politician-Free Government

He's sworn in as PM ... ciao, Berlusconi!

(Newser) - It's a big day for Italy: Economist Mario Monti has been officially sworn in as PM—formally ending Silvio Berlusconi's 17-year-long run of political dominance—and he formed a new Italian government that doesn't include a single politician. Instead, he drew from the ranks of bankers, diplomats,...

On Last Day, Berlusconi Packs a Few Precious Items

Decides to keep sword, vase ... and photo of himself with George W. Bush

(Newser) - Today is Silvio Berlusconi's last day as the prime minister of Italy, and he did what any of us would do in our final moments on the job: packed up his stuff. But Berlusconi isn't exactly walking out with a cardboard box filled with picture frames and a...

Berlusconi's Party Backs Economist as New PM

Mario Monti faces gargantuan task

(Newser) - Silvio Berlusconi's conservative party is backing economist Mario Monti to put together a new coalition, leaving the man they call "professor" some outlandish shoes to fill and Italy's towering financial crisis to dig out of. And there's a catch: Monti's got to do it all...

Berlusconi Quits; Hecklers Shout, 'Buffoon!'

Musicians perform chorus of Handel's 'Alleluia'

(Newser) - Italian Premier Silvio Berlusconi resigned today after parliament's lower chamber passed European-demanded reforms, ending a 17-year political era and setting in motion a transition aimed at bringing the country back from the brink of economic crisis. A chorus of Handel's "Alleluia," performed by a few dozen...

Berlusconi Could Be Out Tomorrow Night

Italian Senate Passes Economic Reform Bill

(Newser) - Italy's Senate approved crucial economic reforms demanded by the European Union today, the first step in paving the way for Silvio Berlusconi to resign as early as this weekend and a transitional government to be formed. The 156-12 vote took place after respected economist Mario Monti—widely expected to...

Spooked by Italy, Dow Falls 228
 Spooked by Italy, Dow Falls 228 
MARKETS
Nov 9, 2011 8:56 AM CST

Spooked by Italy, Dow Falls 228

Dow below 12K

(Newser) - Silvio Berlusconi's promises to resign haven't done much to calm European markets —or Wall Street. The Dow opened sharply lower today on the news that Italian bond yields spiked above 7%, the level that caused Greece, Portugal, and Ireland to seek bailouts; Italy's debt, however, is...

Berlusconi: No Really, I Won&#39;t Run Again
 Berlusconi: 
 No Really, 
 I Won't 
 Run Again 
MARKETS ROILING
Nov 9, 2011 7:21 AM CST

Berlusconi: No Really, I Won't Run Again

But resignation pledge doesn't help markets

(Newser) - Silvio Berlusconi continued his long goodbye today, promising not to run in Italy’s next elections, and even going so far as to endorse an ally, Angelino Alfano, as his successor. But both the Washington Post and the New York Times compare the prime minister to Houdini, noting that some...

Silvio Berlusconi Will Resign as Italy's Prime Minister After the 2012 Budget Is Approved
 Italy's Berlusconi Will Resign 
Nov 8, 2011 1:15 PM CST

Italy's Berlusconi Will Resign

He will step down after 2012 budget is approved

(Newser) - Silvio Berlusconi promised today to resign after parliament passes economic reforms demanded by the European Union—which could happen as soon as next week—capping a two-decade political career that has ended with Italy on the brink of being swept into Europe's debt crisis. Italian President Giorgio Napolitano met...

Berlusconi Wins Vote, Loses Majority

He wins just 308 of 630 votes

(Newser) - Silvio Berlusconi was holding on for dear life in advance of today's critical budget vote, and now it looks as if he's hanging by a quickly fraying thread. The Italian PM won the much-watched vote in Parliament, but lost his majority. He won just 308 of 630 possible...

Top Berlusconi Ally Asks Him to Step Down

Italian prime minister holding on for dear life ahead of budget vote

(Newser) - The calls for Silvio Berlusconi’s head reached a fever pitch today, when Umberto Bossi, Berlusconi’s closest coalition ally, joined the chorus. “We asked the prime minister to stand down,” Bossi told reporters, in what Reuters thinks could be the decisive blow. Berlusconi faces a critical budget...

Silvio Berlusconi May Resign Today: Sources


 Will Berlusconi 
 Resign Today? 
rumors swirl
Nov 7, 2011 6:29 AM CST

Will Berlusconi Resign Today?

Debt crisis throws majority into disarray

(Newser) - After barely surviving a confidence vote last month, Silvio Berlusconi may be poised to step down as Italy’s prime minister as soon as today, at least according to two journalists. "That Silvio Berlusconi is about to resign is clear. It is a question of hours, some say of...

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