(ANSA) - Rome, May 16 - Premier Mario Monti said on
Wednesday that the next few weeks will be crucial for Italy and
Europe's hopes of emerging from the eurozone debt crisis.
The pressure on Italy's bonds and stocks that caused
Silvio Berlusconi to resign as premier in November had eased
earlier this year after Monti's government passed a tough
austerity package of spending cuts and tax hikes.
(ANSA) - Rome, May 16 - Franco Bonferroni, a board member of
Italian defence giant Finmeccanica, is under investigation for
illegal party financing, a shareholders meeting revealed
Wednesday.
The company has been hit by an investigation into
allegations that its managers were involved in issuing false
invoices and the creation of slush funds to bribe politicians.
(ANSA) - Rome, May 16 - Italian families will be spending
more for their days at the seaside this summer, said a report
released on Wednesday by consumer group Federconsumatori.
A day at the beach will cost a family of two adults and two
children 79 euros, approximately 4% more compared to last year.
Travel to the beach will also reflect the economic crisis,
with gas prices up 19% since 2011.
(ANSA) - Rome, May 16 - The yield spread between 10-year
Italian bonds and benchmark German bund dropped back down to 438
points on Wednesday after crossing the 450-point mark in early
trading.
The spread, an indicator of market confidence in Italy's
ability to weather the eurozone crisis, has been hit by market
uncertainty after talks on forming a new government in
default-threatened Greece failed this week.
The spread closed at around 440 points on Tuesday, having
started the week close to 400.
The yield itself dropped to 5.86% after reaching 6% earlier
on Wednesday.
(ANSA) - Rome, May 16 - Italian Industry Minister Corrado
Passera blasted the European Union for its handling of the
crisis in Greece, but stressed that he believes the euro will
survive even if Athens defaults and is forced to leave the
single currency.
Greece is in political and economic turmoil with talks on
forming a new government failing this week after the parties
that backed austerity measures agreed with the EU to obtain
bailouts performed badly at elections on May 6.
(ANSA) - Rome, May 16 - Premier Mario Monti said on
Wednesday that his government of non-political technocrats was
still trying to manage an economic emergency.
The pressure on Italy's bonds and stocks that caused
Silvio Berlusconi to resign as premier in November eased earlier
this year after Monti's government passed a tough austerity
package of spending cuts and tax hikes.
(ANSA) - Rome, May 16 - Italian bonds came under pressure
again in early trading on Wednesday with the money markets on
edge after talks on forming a new government in
default-threatened Greece failed.
The yield spread between 10-year Italian and German bonds,
an indicator of market confidence in Italy's ability to weather
the eurozone crisis, climbed beyond the 450-point mark up to
451.6 with a yield of almost 6% (5.97%).
The spread closed at around 440 points on Tuesday, having
started the week close to 400.
(ANSA) - Rome, May 16 - Justice Ministry Undersecretary
Andrea Zoppini has resigned from Premier Mario Monti's emergency
government of non-political technocrats after being informed he
was being probed for alleged tax irregularities.
Zoppini is the second member of Monti's administration to
be forced to step down after former cabinet undersecretary Carlo
Malinconico resigned in January following a furore over hotel
bills paid by a construction businessman under investigation for
alleged corruption.
(ANSA) - Rome, May 16 - Italian Premier Mario Monti and
United States President Barack Obama have agreed on the need for
the European Union to do more to boost economic growth before
this weekend's Group of Eight (G8) summit at Camp David.
"(Obama and Monti) discussed the current economic
situation in Europe and agreed on the need to intensify efforts
to promote growth and job creation," the White House said in a
statement after the leaders spoke via telephone.
(ANSA) - Milan, May 15 - Italy suffered a series of economic
blows Tuesday as data showed GDP shrank by nearly one percent in
the first quarter of 2012, ratings agency Moody's downgraded 26
Italian banks and the stock market suffered the worst losses in
Europe after Greece said it would hold new elections.
National statistics agency Istat said Tuesday that GDP was
down 1.3% on the year and 0.8% compared to the previous quarter,
making it the third consecutive quarter in the red.
(ANSA) - Milan, May 15 - The Milan stock exchange was
volatile in early trading on Tuesday after suffering big losses
on Monday.
The FTSE Mib index recovered some of the lost share value
in the first hour of trading, moving up 1.25%, only to surrender
the gains in the second hour.
Indeed, at 11.00 local time the benchmark index stood at
13,650, near to the closing level on Monday, when it dropped
2.74% with political uncertainty in default-threatened Greece
topping the concerns of nervy investors.
(ANSA) - Rome, May 15 - Italian banking association ABI on
Tuesday blasted the Moody's rating agency for downgrading the
long-term debt and deposit ratings for 26 of the nation's banks.
The agency said the recession Italy is enduring and
government austerity measures that are hitting short-term demand
were factors that contributed to the downgrades.
Italy's two biggest banks, Unicredit and Intesa Sanpaolo,
both saw their deposit ratings drop to A3 from A2.
(ANSA) - Milan, May 15 - The Milan stock exchange recovered
some of Monday's heavy losses in early trading on Tuesday, when
the FTSE Mib index went 1.25% investors across the continent
regained confidence.
The benchmark dropped 2.74% on Monday when political
uncertainty in default-threatened Greece topped the concerns of
nervy investors.
Among the best performers was Intesa Sanpaolo, whose share
price gained 2.42% despite it being among 26 Italian banks who
had their long-term debt and deposit ratings downgraded by
Moody's on Monday.
(ANSA) - Rome, May 15 - Italian banking association ABI on
Tuesday blasted the Moody's rating agency for downgrading the
long-term debt and deposit ratings for 26 of the nation's banks.
The agency said the recession Italy is enduring and
government austerity measures that are hitting short-term demand
were factors that contributed to the downgrades.
Italy's two biggest banks, Unicredit and Intesa Sanpaolo,
both saw their deposit ratings drop to A3 from A2.
(ANSA) - Rome, May 15 - The Italian economy plunged deeper
into recession in the first quarter of this year, when the Gross
Domestic Product (GDP) dropped 0.8% with respect to the last
three months of 2011, Istat said Tuesday.
The national statistics agency added that GDP was 1.3%
down compared to the first quarter of last year, according to
preliminary seasonally-adjusted figures.
It is the third consecutive quarter in which GDP dropped
with respect to the previous three months. It fell 0.2% in the
third quarter of 2011 and 0.7% in the fourth.
