Mario Baldassarri News
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Any new Italian government would have room to cut taxes to foster political support for reforms provided it was done in a smart way, said Erik Nielsen, UniCredit global chief economist.
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Pier Luigi Bersani, leader of the winning coalition in Italy’s elections, appealed to populist Beppe Grillo to show he’s willing to help govern after the inconclusive vote forced leaders into coalition building.
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Italian lawmakers have yet to receive the austerity legislation that parliament must pass before Prime Minister Silvio Berlusconi resigns, Senate Finance Committee Chairman Mario Baldassarri said.
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Italy may need a new budget- adjustment plan next month because a 54 billion-euro ($76 billion) austerity package to be voted on today won’t convince the European Central Bank to continue buying the nation’s bonds, the chairman of the Senate Finance Committee said.
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European stocks dropped for the third day in four as Italian bond yields surged to their highest since the introduction of the euro and Italy’s credit-default swaps jumped to a record.
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The deepening divisions in Prime Minister Silvio Berlusconi’s coalition over how Italy can meet European Union demands for more robust efforts to tame a $2 trillion debt are fueling calls for early elections.
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Italian Prime Minister Mario Monti, seeking to bridge European differences over how to end the region’s debt crisis, is pushing a labor market overhaul at home that has divided his allies and sapped his support.
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Italy’s new government, headed by former European Union Commissioner Mario Monti, has an unlikely supporter in President Giorgio Napolitano, an ex-communist who once praised the Soviet Union for crushing the 1956 reformist movement in Hungary.
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Mario Monti, a former European Union competition chief, once told companies like Microsoft Corp. what to do. As Italy’s next premier, he would face a tougher task getting Italians to overhaul the region’s third-biggest economy.
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German bunds dropped the most in a week as stocks rose and the nation’s top court backed the government’s participation in euro-area bailouts, reducing demand for the region’s safest assets.
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