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ECONOMICS – FINANCE – WORLD NEWS – GREEK DEBT

Wednesday, #13

Obvious news of the day, after 17 years in office, Berlusconi stepped down as prime minister of Italy. Time to remember and honor his service, thought the BBC and created a page listing quotes of the 75-year old. Personal favorites include:
“The left has no taste, even when it comes to women.”
“If I, taking care of everyone’s interests, also take care of my own, you can’t talk about a conflict of interest.”
“Italy is now a great country to invest in… today we have fewer communists and those who are still there deny having been one. Another reason to invest in Italy is that we have beautiful secretaries… superb girls.”
read article

His proposed replacement is Angelino Alfano who may or may not have ties to the mafia. Hmm. read article

At the same time, Italian 10-year bond yields surpassed 7% earlier this morning, setting a new eurozone record of 7.37%. Even 5-year bond yields are above 7% now, which is unusual, as in bad, because they are meant to be significantly lower than 10-year yields. We shall see how today goes. Yesterday, everybody’s favorite vampire squid Goldman Sachs filed a statement, saying that Italian yields will only calm down if the parliament acts quickly and new elections are postponed for a bit (because they would add volatility and delay decisions). read article

Also yesterday, the FSB, the Financial Stability Board, issues a list of banks which pose systemic risk to the world as we know it. The usual suspects go by the catchy gang-name of G-Sifis: global systemically important financial institutions. They are so important to the system, because the ARE the system. A bit of a validity problem there, isn’t it… In other words, a Sifi is the kind of guy who pulls you with him when you push him into the pool. Here the hilarious FT Alphaville account of it including the actual list: read article

On the fun side of things, here an infographic that I came across a while ago about how recruiters use social network profiles: read article

So long.

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