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    Senior Member AirborneSapper7's Avatar
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    Italy Concedes To Full Blown Austerity: To Raise Retirement

    Italy Concedes To Full Blown Austerity: To Raise Retirement Age From 65 To 67 By 2026

    Submitted by Tyler Durden on 10/26/2011 14:32 -0400
    Comments: 123 / Reads: 8,344

    Don't anyone say Italy is not willing to tackle austerity with the determination of a rabid dog: retirement age to be raised by 2 years in 15 years, and an epic €5 billion to be raised from privatizations.

    From Reuters:

    Italy promised European Union partners on Wednesday a package of reform steps to boost growth and control its public debt, including labour and pensions reforms and additional revenues from property divestments.

    In a letter sent to an EU summit in Brussels , the government said it would put forward a firm plan of action to boost growth by Nov. 15.

    It promised measures to cut red tape and modernise state administration to improve conditions for business.

    It also said the minimum age for old age pensions would be raised in gradual steps to 67 years for both men and women by 2026.

    The letter also promised to raise 5 billion euros a year from divestments and improved returns from state property.

    http://www.zerohedge.com/news/italy-con ... 65-67-2026
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    Senior Member AirborneSapper7's Avatar
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    Full Remarks By Unelected European Council President Herman Von Rompuy

    Submitted by Tyler Durden
    10/26/2011 14:18 -0400
    Comments: 75 / Reads: 5,177

    As expected, nothing has been resolved. Everything to be pushed back to
    some other indefinite time. The only actual agreement, ironically deals,
    with a date so far in the future, the EUR will likely no longer even
    exist: 'Agreement has been reached that banks should be
    required, by 30 June 2012, to have 9 % of the highest quality capital.
    This figure should take into account a marking down for sovereign bond
    holdings against current market prices (as of 30 September 2011)."

    Direct from the insolvent Eurozone:

    Remarks by President of the European Council Herman Van Rompuy after the meeting of EU Heads of State or Government

    At today's meeting, I informed the members of the European Council about the state of preparations of the Euro Summit that will take place later in the day.

    We discussed the situation and all leaders underlined their common resolve to do their utmost to overcome the crisis and to help face in a spirit of solidarity the challenges confronting the European Union and the Euro area.

    The members of the European Council welcomed the consensus on measures to restore confidence in the banking sector reached by the Council (ECOFIN) on 22 October. The banking measures form part of a broader package, alongside the decisions to be taken by today's meeting of the Euro Summit, and are subject to its full approval. The Council (ECOFIN) will finalise the work and adopt the necessary follow up measures.

    The consensus concerns both the banks' short-term and longer-term needs. The overarching goal of the exercise is to foster confidence in the European banking sector.

    Improved access of the banks' medium- and long-term funding is essential to avoid a credit crunch and to safeguard the flow of credit to the real economy. States will provide guarantees enabling banks to raise term funds. We decided to rely on a truly coordinated approach at EU level regarding the conditions and criteria.

    Short term recapitalisation is needed in the current exceptional circumstances to create a temporary buffer allowing the banking system to withstand shocks in a reliable manner. Agreement has been reached that banks should be required, by 30 June 2012, to have 9 % of the highest quality capital. This figure should take into account a marking down for sovereign bond holdings against current market prices (as of 30 September 2011). Banks should raise capital in the first place from private sources, and only if that is not possible, seek support from national governments. If the latter support is not available without creating systemic risks for the Eurozone, the EFSF should provide the loans for recapitalisation.

    Any form of public support, whether at a national or EU-level, will have to comply to the rules of the state aid crisis framework. The Commission has indicated it will be applied with the necessary proportionality in view of the systemic character of the crisis. With these measures, we restore confidence and put Europe's banking sector on a sound footing.

    http://www.zerohedge.com/news/full-rema ... von-rompuy
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    Senior Member AirborneSapper7's Avatar
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    Italy On The Ropes Again After Secret Berlusconi Promise To Step Down In Exchange For Compromise Achieves Nothing

    Submitted by Tyler Durden on 10/26/2011 08:01 -0400
    Comments: 52 / Reads: 3,674
    several links on this post

    Over the past few days, Italy has promptly re-emerged as a main cog in the illusion that Europe is a well-greased machine (yes, we know, funny) after it became clear that the country continues to refuse to implement any actual austerity measures following the requirement to do just that months ago when it got access to the ECB's sterlizied bond monetization scheme. In fact it got so bad that yesterday the entire Italian government was rumored to be on the verge of collapse as it was once again unable to reach a resolution on what the EU demands are prompt actions taken to raise pension and/or retirement age. According to the Telegraph, Italy may have found a compromise, one which actually ends the regime of Berlusconi... but not yet. Telegraph reports that Silvio Berlusconi has reportedly drawn up a "secret pact" under which he will resign in December or January, paving the way for Italy to elect a new government in March. "The embattled prime minister made the deal with his key coalition ally, Umberto Bossi of the devolutionist Northern League, in return for Mr Bossi's support for pension reforms, according to unconfirmed reports in two Italian newspapers – La Repubblica and La Stampa. Italy is under huge pressure from the European Union to reform its pensions system and extend retirement ages as part of a plan to rein in its enormous public debt and revive its moribund economy." "Don't make a fool of me in Brussels, and I promise that we'll go to elections in March," Mr Berlusconi told the Northern League leader, according to La Repubblica." This would all be great, if only for one small snag: the "plan", like everything else in Europe, is worthless. The FT reports that the compromise agreement "lacks specifics and risks falling short of what eurozone leaders have demanded ahead of Wednesday’s summit in Brussels....In the end, Umberto Bossi, the fiercely eurosceptic leader of the federalist League, made minor concessions that would raise the general retirement age to 67 years by 2026, but rejected changes to Italy’s length of service pension system that allows many workers to retire at the age of 61 with 35 years of contributions. Even Mr Bossi did not sound hopeful that the proposals would go down well in Brussels. In the past he has said he “doesn’t give a damnâ€
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    Senior Member AirborneSapper7's Avatar
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    Merkel Goes For The Nuclear Mutual Assured Destruction (But Mostly Suicide) Option

    Submitted by Tyler Durden on 10/26/2011 06:55 -0400
    Comments: 141 / Reads: 6,829

    As Merkel ends her speech to the Bundestag on her way out to the Euro Summit, here are the main rhetorical conclusions:

    MERKEL SAYS JUSTIFIABLE TO MAXIMISE EFSF FIREPOWER

    MERKEL SAYS GERMANY `IS NOT THE NAVEL OF THE WORLD'

    MERKEL SAYS EURO CAN'T BE ALLOWED TO FAIL

    MERKEL CITES 'HISTORIC DUTY' TO PRESERVE EUROPE, EURO

    But none of that compares to what just was the use of the nuclear mutual assured destruction option, to wit

    Merkel: No one should take another 50 years of peace in Europe for Granted (per DJ)

    And scene: Hank Paulson would be so proud

    http://www.zerohedge.com/news/merkel-go ... ide-option
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