Tag Archives: eur/usd

ECB monetary policy decisions

10 Jan

At today’s meeting the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.75%, 1.50% and 0.00% respectively.

Berlusconi’s party withdraws support for Monti in senate vote, could lead to fall of the government and snap elections

6 Dec

Berlusconi vs. MontiAfter a meeting yesterday, Berlusconi announced that he felt forced to stand for reelection as Prime Minister of Italy once more because the country was on the edge of an abyss- an indirect reference to the belt tightening policies of the Mario Monti government and the recession Italy now finds itself in.  Berlusconi also claimed he’s being encouraged to make a comeback by those fearful for Italy’s future.

While the tanned media mogul claims he wants to save Italy, there are other reasons why Berlusconi wants to make a bid for power:

  • Berlusconi wants to reform Italy’s legal system – not for the good of Italy, but to save himself from a string of legal woes ranging from tax evasion to the sordid bunga bunga underage sex accusations.
  • The Berlusconi Mediaset empire is losing money.  Being back in power would allow Berlusconi to pass laws to protect his business empire.
  • Electoral reforms, if they ever happen, may make it impossible for Berlusconi to win elections ever again – so bringing down Monti before the reforms happen is in Berlusconi’s interests (And not only – Italy’s centre-left benefits from current electoral laws).
  • Other reforms, if they pass, will exclude those with a criminal record from standing for election to Italy’s parliament.  Should such a reform pass, Berlusconi would not be able to nominate certain ‘friends’ to key positions. If this materializes Eur/Usd will get hit by bears
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