European Union accused of 'interfering' in Italian politics
18 May, 2018, 09:34 | Author: Billie Castillo
The debt wipe would cut 10 percent off Italy's debt/GDP ratio but the European Union will be concerned this sends a negative message to other Eurozone countries still in the middle of tough austerity measures.
The leaders of Italy's two political upstarts, the Five Star Movement (M5S) and the League, say they have agreed on the final draft of a contract that lays out their vision for a "government of change".
A draft of their proposed German-style coalition contract - dated Monday morning - featured a proposal for "specific technical procedures" that would allow countries to leave the single currency and recover "monetary sovereignty".
The report spooked markets, even though the League's economic spokesman told Reuters that debt cancellation was never in an official draft of a government programme.
USA 10-year Treasury yields rose, extending this week's bond market selloff, as traders and investors have not reached a consensus on whether it was time to buy or if the market was vulnerable to more selling.
"It's right to resonate with markets because it tells you about the sense of the wisdom between these negotiating parties", said Chris Scicluna of Daiwa Capital Markets.
The likely arrival of a populist government took its toll on the Italian banking sector at the Milan Stock Exchange Thursday, in particular the Monte dei Paschi di Siena bank, majority-owned by the Italian state, which saw its share price tumble.
Yields on benchmark Italian 10-year debt rose three basis points on Thursday to 2.13 percent, its highest since late-February.
Italy has been in a period of political gridlock since its election in March left no clear victor.
This spread, a closely watched indicator of relative risk, was 129 bps on Tuesday.
While speculation abounds as to who leaked the document, Italy's borrowing costs jumped and stocks slid once the leak was made public.
Spreadbetters see Britain's FTSE opening 4 points lower, while Germany's DAX is expected to rise 13 points and France's CAC is seen gaining 10 points.
"We will need to renegotiate European Union agreements to stop Italy suffocating", League leader Matteo Salvini said on Saturday after a day of talks with his 5-Star counterpart Luigi Di Maio.
But unease was evident across Italian markets. Shares in Italian banks were broadly lower, with a sectoral index.FTIT8300 on course for their worst day in five months, down 2.9 percent.
The outgoing centre-left administration promised the fiscal deficit would fall this year to 1.6 percent of GDP from 2.4 percent in 2017, and then decline to 0.8 percent next year with a balanced budget in 2020.
The 39-page document, obtained by Huffington Post Italia, also calls for a renegotiation of Italy's European Union budget contributions, an end to sanctions against Russian Federation and plans to dismantle a 2011 pension reform that raised the retirement age.
President Sergio Mattarella, who has repeatedly stressed the importance of maintaining a strong, pro-European stance, may also be dismayed.
"Thats life, that's the result of elections in Italy", another official said.
The Syriza-led government of Alexis Tsipras went into direct confrontation with its European Union partners, until Greece was on the brink of leaving the eurozone.
It would also be Italy's first all-populist government.
Fans probably remember when we were first introduced to Billy Dee Williams' Lando Calrissian in Empire Strikes Back . Premiere blames a miscommunication between Kennedy and the interviewer for the previous erroneous quote.
Lucemyra has been approved to treat vomiting, muscle aches, agitation, and other symptoms associated with quitting opioids. Side effects included low blood pressure, dizziness, sleepiness, slow heart rate and, in a few people, fainting.
The trial, which ended in January, had featured testimony about corruption at the highest levels of the Turkish government. Former official at Turkey's Halkbank to serve 32 months in prison after conviction for helping Iran evade USA sanctions.
In reality, Gilstrap-Portley graduated from suburban North Mesquite High School in 2011, an unidentified source told WFAA . He was taken into custody at the Dallas County Jail but has since been released after posting bail.
New York's Central Hudson Gas & Electric Corp. reported 78 mph wind gusts on Tuesday and about 1,000 lighting strikes per hour. Weather officials say they're investigating other potential tornadoes in Putnam and Orange counties.
Throughout the next month, Muslims will abstain from eating, drinking, smoking or having sex during daylight hours. If people break their fast during the day, they are required to make up for the lost days after Ramadan.
Internationally, there are two variants to choose from, namely 4GB RAM with 64GB storage or 6GB RAM with 128GB storage. In terms of audio, the Honor 10 sports a 7.1 multi-channel Hi-Fi audio chip with support for 7-channel sound effects.
During the ceremony, Netanyahu praised the Central American country for its long friendship and recognition of the Jewish State. Guatemala has opened its new embassy in Jerusalem , becoming the second country to do so after the United States.
More than 30 people were killed when a 2014 phreatic eruption at Japan's Mount Ontake caught them unaware near the summit. In a news conference, USGS scientist Michelle Combs said that the activity at the vent could become more explosive again.
In an unusual move, a police department in Wisconsin is actually praising high school seniors for their creative prank. The group staged the "accident" right outside of the principal's office, the school district said.
Milwaukee parted with Jason Kidd in January, and assistant coach Joe Prunty served the rest of the season as interim head coach. Mike Budenholzer has agreed to a four-year deal to become the next head coach of the Milwaukee Bucks , reports say.
Trapped in a Venezuelan prison riot
An American inmate caught up in a Venezuela prison riot has released harrowing video footage pleading for his life. In a previous video, Holt said that he - like numerous prisoners - had been held for years without going to trial.
I'll 'do a lot' for North Korea if it gives up nukes
Trump says North Korean officials are discussing logistical details about the meeting with the US , "as if nothing happened ". But in 2011 the authoritarian leader was toppled by rebels and militiamen backed by North Atlantic Treaty Organisation .
Justify solid favorite in Preakness Stakes
Roswell, New Mexico native Mike Smith will ride Justify for Baffert, who is trying for a record-equaling seventh Preakness win . There is no doubt that Justify can handle moisture in the racetrack, but I do still think he is even better on a fast track.
Iran Deal Even Cheated Its Own Citizens
Concluding that "America stands with the long-suffering people of Iran", Trump added, "Great things can happen for Iran". Mogherini says "there was awareness of the urgency" and the four ministers agreed to find some solutions within weeks.
Critics deliver verdicts on Solo: A Star Wars Story
Speaking in an interview with Premiere France , she said that a new instalment could centre around Glover's Calrissian. It seems like that story could be told in what's likely going to be Lando: A Star Wars Story .
Killed in Explosion at Office Building in California
Still, it is not yet known if she was the victim killed, as the coroner has not yet formally released the deceased woman's name. The neighbor says Krajnyak was her mother's caretaker and describes the husband as a massage therapist and nice man.
Journalist and Author Tom Wolfe Dies
He was a star pitcher in high school and in college at Washington and Lee and unsuccessfully tried out for the New York Giants. Wolfe critiqued art critics in The Painted Word in 1975, and the architectural decline in From Bauhaus to Our House in 1981.