. Silvio Berlusconi, fell eight votes of a majority
. The Greece is still struggling to find a prime minister
16:00:Even more than before, Berlusconi's resignation appears to be a matter of time, says
Berlusconi took two crushing blows. His ally, Umberto Bossi, called out. And now, the lower house of parliament, where the majority was most in doubt, voted against him in what was a vote of confidence in the name.
Berlusconi left the floor of the house looking sad. He then went to a meeting with his lieutenants. Democratic Party leader, Pierluigi Bersani, said the president should resign and go. But let's see if you like.
3:53 p.m. lose its parliamentary majority is a major humiliation
Berlusconi . It is also described as the "worst" result analysts -. As Prime Minister concerned may cling to power (as he won the vote)
Marc Chandler , global head of currency strategy at Brown Brothers Harriman, told Reuters:
Basically this is the worst possible combination of events -. To win elections but do not get the majority
is negative for the euro, increasing the uncertainty in the short term ... remains the uncertainty in the market.
Brian Battle , VP Operations Performance Trust Capital Partners, agreed:
The news that Berlusconi is not out of bad news for U.S. markets. What we are looking for certainty, and what we have is uncertainty. It seems that Italy has no plan to address the problem, and your budget does not really solve the problem.
And now, with the manager does not leave, there is less hope that this will be addressed. You can not basically the current market value.
3:32 p.m.Speaking immediately after the vote in which Berlusconi lost his majority (but the public accounts were approved),
, the leader of the opposition Democratic Party in Italy said Berlusconi was the time to:
"This vote confirmed that the government has no majority in this House."
Bersani also told his fellow parliamentarians that millions of Italians watched the proceedings in Parliament today. They were concerned, and the right to be affected, he said. Bond traders are not happy, either - the 10-year yield debt has just hit Italian
6.713As shown in this graph, production fell today, but the shot after the result was announced.
The vote just taken place, and
Silvio Berlusconi failed to win a majority in the house . The accounts were approved public vote, but this is not a victory for the Italian Prime Minister.
a total of
of the Chamber of Deputies voted in favor of public accounts in 2010 - which is eight below a absolute majority. Berlusconi needed 316 votes
to show that even a majority in the House.
opposition in the House, but he decided not to vote to protest against the refusal of Berlusconi to go. A Member who would have supported the Prime Minister was away. So yes, not 320 members supporting Berlusconi, which means that the anti-Berlusconi in parliament won what was in effect a vote of confidence (although not officially) with
12 votes (or 11 if one excludes the speakerGianfranco Fini
desperate to see the Italian debate
Click here to see all courtesy of Action
2:40 p.m.The lower house of the Italian Parliament began debating fiscal 2010 - do not expect the vote to start somewhere Over time, however, (17:00 GMT CET/4pm is the startup time most likely)
has details on the final laps to wheezing Brussels among Italian journalists desperate 1700CET (1600 GMT) of the votes in Rome and, they hope, the last resistance of Bunga Bunga Lord is:
do the job Papademos Greek and Italian at the same time, with Mario Monti, another pillar of the EU as his deputy in both countries. Kill two general elections with a shot
right - George Osborne was approved today surprisingly wide resounding rejection of a tax called Robin Hood in transactions financial apply only in Europe.
Osborne went to Brussels, plans to tell his fellow finance ministers must resist the imposition of a "Tobin tax", unless supported by all the world can be understood .
reports that the Chancellor of the United Kingdom received the support of allies in the EU more -. In what sounds like a blow to the campaign to introduce the rate
"If we could agree on a tax on financial transactions in the world would be a good thing, but it will not happen," Merkel said his 26 EU colleagues at a meeting of Ecofin ministers of finance.
"What I find difficult to accept is that we spend an enormous amount of time talking in the middle of a crisis in the European economy, the idea of ??a transaction tax Financial when it is already clear, both the euro and the euro area, not that there's nothing like unanimity. We must ask ourselves if this is the best use of our time " said Osborne.Citing an analysis of the European Commission of the potential impact of an FTA, Osborne said that the EU could end up 1.76% of production and cost 500,000 jobs precisely the wrong time. He added that consumers pay the price.
"The taxpayers through their government because they have to raise money through auctions of sovereign debt. This is not a tax that is paid by bank or banks. I'm for the tax paid by bankers and banks, and if I submitted a tax credit in the UK paid by banks and their shareholders.
"We must be realistic and honest with our audience on who pays the tax. He is a banker alone in this world who will pay this tax. No banks will pay the tax. People who pay this tax are retirees with pensions.
"A financial transaction tax is paid by the final beneficiaries of financial transactions and retirees. So if you want go to introduce a tax on large for retirees is the end result. But at least be honest about who pays the tax, "said Osborne.
But, as expected, Germany and France insisted that it was time to impose a tax of 0.1% in stocks and bonds and 0.01% in derivatives .Wolfgang Schäuble, German Minister of Finance, said disparagingly Osborne suggested that a comprehensive agreement is necessary in the first place. "It's just an excuse to do nothing"
He added: "We will wait 20 years before doing anything if we wait for the last island on this planet."The commission said that the FTA could raise ? 57 billion per year, or it could increase the EU budget itself or to be in the coffers of the treasury. It would be a way for the financial services industry to pay some ? 4.6tn delivered to the sector since the crisis erupted in 2007.
1:36 p.m.:. time for lunch and
Silvio Berlusconi is closer than ever to become the next victim of political debt crisis in Europe.
Umberto Bossi, its coalition partner, Mr. Berlusconi has demanded that aside
line to replace Mr. Berlusconi. They can clearer after the vote in the Italian Parliament in the financial accounts of the country this afternoon
Business Leaders call for Italian lower interest rates.
head of Confindustria said bond yields (which reached 6.74% at present) will soon fall.
Searchministers were asked to resign
. In Brussels, European Union finance ministers meet. The ten countries outside the euro - known as the wicked - are new requirements
13:15: If you thought that the exposure of French banks to Greek debt was bad, what are the risks run more Italian failure.
, the largest bank in France, has a huge ? 24 billion of exposure to Italian sovereign debt compared to only 5 ? billion for Greece, according to figures published by the EBA in the summer.
Crédit Agricole is also a bit uncomfortable to ? 10 billion Italian paper compared to only ? 0.7 billion in Greece. Societe Generale, announced today that it has been hit ? 330 million of Greek debt exposure ? 3.4 billion in Rome.
These banks are all trying to reduce their exposure, but the figures are a timely reminder that there are huge paris on the table.
return to Greece * - on state television now says that the Prime Minister George Papandreou
formally asked his ministers to resign, as required by the Constitution, the cabinet meeting today. Papandreou told his ministers that "waiting" for his successor will be announced by the "night".Helen Smith
Finance Minister Evangelos Venizelos told the cabinet on the Eurogroup meeting, Monday -. The humiliation of Athens is now facing an ultimatum to provide with respect to a written undertaking to abide by the reforms and prepare to leave the euro
Venizelos, who is deputy prime minister, told the cabinet that Greece should not go with the market pressure in his quest to find a new PM. "We take the time we need," he said.
Oh, does that mean a week of drama in Athens ?....
- hopefully not too confusing. It's hard when the debt crisis in Europe is behind two political crises at the same time on both sides of the
Yes Umberto Bossi
the demand the resignation of Berlusconi ( see 11:37) proves to be the final nail in the coffin of the television mogul, then it will be a repeat of history.
John Hooper reminds us that in 1994, his first government was overthrown in Northern League Umberto Bossi withdrew its support of his coalition. John writes from Rome:
League match was very different from what it is today. Bossi was very uncomfortable in a coalition that also included former Gianfranco Fini, the neo-fascists, and Berlusconi as sad problems with the law.
This time he has endured to the end, support the efforts of its ally, the billionaire to give immunity from the law and ignore a series of sex scandals involving Berlusconi 75 years age, and some very young women.
Italy is crossed by
Berlusconi future in Athens looking for a new prime minister continues.
PM's announcement of the delay of nearly 24 new hours, new evidence, said
the difficulty of the two main political forces Greece
, will face the coalition in a country where the concept is almost anathema .
But as Churchill said in a speech to the House of Commons 18 January 1945 on his return from Athens, where he had been forced to send troops British force of communist insurgents to the negotiating table:
"The house should not be assumed that in these foreign lands, things are as you would here in England. Even in this case is strong enough to keep a coalition together ... But imagine that the difficulties in countries affected by civil war, past or imminent, and where groups of foreign parties have their own set of desires, crime and revenge.
If we who are sitting here together, had bitten back and betrayed the other, trying to work together and had all put our own group or the first part and in any part of countries and all ideologies established, slogans or labels in front of the understanding, friendship and duty, by the way, we should, to put in the sweetest, came to the general election more sooner than is now probable. "
(the father of Helena), military historian and corresponding foreign observer.
New Democracy who violently opposed the use tax imposed on Greece by the EU and IMF, said aloud that early elections would have preferred to form a broad-based government, be it temporary.
UPDATE: We heard that the Greek cabinet meeting just broke ....
Even before Bossi Berlusconi hit with its call for the resignation in the final minutes, the Italian Prime Minister was criticized by Confindustria
, the group of Italian businessmen.
, the head ofConfindustria
(the equivalent of the CBI to UK Kingdom), said Italian companies simply could not cope if borrowing costs are relatively high if other countries like Germany, -. you can take almost 5 percentage points less than the Greeks
Marcegaglia at a conference in Milan:
Italy has serious problems with a spread of 500 basis points. We can not continue so long. financial markets means that our banking system is more difficult to handle. Politicians is absolutely fundamental to their work.
As our colleague Patrick Collinson reported in the blog yesterday when Italian companies sell bonds is capped at an interest rate of 2% above Italy.
11:37: This can be very serious Silvio Berlusconi
. Latest news is Umberto Bossi , leader of the Northern League government in coalition with Silvio Berlusconi called for his resignation.
"We have asked the prime minister to resign," said Bossi, who is a key ally of Berlusconi, told reporters.
John Hooper reports that the chief said Berlusconi League should be replaced by the secretary of the Movement of People's FreedomAngelino Alfano
A lawyer of Sicily and the inlet and outlet of the faithful of Berlusconi, Alfano was the dolphin indicated by Berlusconi when I and other foreign correspondents to dine with him in April.
More ....we have aa>
The long-awaited cabinet meeting in Greece finally began
Helen Smithsaid that reports he had not started the session the outgoing Prime Minister
was forced to interrupt the session to take a phone call.
Is it? The call for a "yes" or "no" to his political opponentAntonis Samaras
Time for a brisk walk the bond market? A summary of the current decade * yields on sovereign debt (Reuters copy of your terminal), which shows the "ranking" of returns, and shows how they took today:
Find best price for : --Italian----Lloyds----FTSE----Papandreou----Frankfurt----Herman----Confindustria----Osborne----Berlusconi--