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European stocks, euro tumble after Berlusconi resignation

European stocks closed sharply lower Wednesday as any early optimism that the resignation of Italian Prime Minister Silvio Berlusconi would calm the markets disappeared in a wave of near panic. Dealers said investors first thought Berlusconi’s decision would clear the decks but as it became clearer that Italy faces possibly months of political uncertainty,…

Merkel calls for ‘new Europe’ as Italy hits breaking point

ROME/BERLIN (Reuters) – Italian borrowing costs reached breaking point Wednesday after Prime Minister Silvio Berlusconi’s insistence on elections instead of an interim government opened the way to prolonged instability and delays to long-promised economic reforms. In a dramatic escalation of the euro zone debt crisis, Italian 10-year bond yields shot above the…

Italian PM Berlusconi denies resignation reports

ROME (Reuters) – Italian Prime Minister Silvio Berlusconi on Monday denied reports he was about to resign. “Rumors of my resignation are baseless,” he said on his Facebook page. Two journalists close to the prime minister reported earlier on Monday that he would resign within hours. (Reporting By Paolo Biondi,…

G20 calls on Italy to reform to avoid Greek-style collapse

The leaders of world biggest economic powers turned their attention on Italy on Friday, pressing for measures to prevent Rome from following Greece into the abyss of debt. As the leaders put the finishing touches to a G20 summit statement designed to kickstart global growth and rebalance trade, senior European…

Berlusconi’s ‘Bunga Bunga’ parties inspire line of accessories

While his fellow businessmen moan about Prime Minister Silvio Berlusconi’s constant sex scandals and the fallout for Italy’s image abroad, Carlo Pagani has decided to cash in. Inspired by the Italian leader’s “bunga bunga” parties — reportedly a form of lap dancing enjoyed by Berlusconi, Pagani’s small plastics factory has…

Activists launch worldwide protests

Protesters launched worldwide street demonstrations Saturday against corporate greed and biting cutbacks in a rolling action targetting 951 cities in 82 countries. Inspired by America’s “Occupy Wall Street” and Spain’s “Indignants”, people took to the streets in Sydney, Hong Kong and Tokyo in the opening hours of the unprecedented global…

Students storm Goldman Sachs building in Milan

MILAN (Reuters) – A group of students stormed Goldman Sachs’s central Milan offices on Friday ahead of worldwide protests against financial inequality planned for the weekend. The Italian demonstrations are the latest bout of anger at banks and financiers as outcry spreads throughout the world following the occupation of Wall Street inNew…

Berlusconi wins confidence vote, but still weak

ROME (Reuters) - Italian Prime Minister Silvio Berlusconi won a vote of confidence on Friday, giving his struggling center-right government a new, but probably short, lease of life. Berlusconi, who said before the vote that the country would be thrown into economic and social catastrophe if his government collapsed now, won the vote…

Italy’s Berulsconi faces confidence vote

Italian Prime Minister Silvio Berlusconi faces a crucial confidence vote amid infighting in his ruling coalition as well as growing criticism over his handling of the economy and mounting legal scandals. Barring any major upsets, Berlusconi’s majority is expected to pass the vote but the margin is likely to be…

Ex-porn star aims to clean up Italian politics

ROME — Italy’s flamboyant ex-porn star and former politician Cicciolina plans to set up a new political party as the antithesis to her country’s corrupt politics, according to excerpts from an interview published Tuesday. “We want to set up an optimistic party of the future. Enough with these parties of…

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