GeronimoFinch
Starting Eleven
- Joined
- Jan 1, 2005
- Messages
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I might be mistaken, but after checking I couldn't find any threads relating to the main man. Well, I started one!
BTW, he's resigned.
Italian Leader Berlusconi Resigns, Seeks to Form New Government
April 20 (Bloomberg) -- Italian Prime Minister Silvio Berlusconi resigned to try to form a new government, bowing to demands for change from his allies after the coalition lost 12 out of 14 regional elections this month.
``All the parties in the coalition have formally renewed their confidence in me as their leader and asked me to resign and give life to a new government,'' Berlusconi said in a speech in the Senate in Rome today. ``It's my intention to do this.''
The second- and third-biggest parties in Berlusconi's four- way coalition, the Union of Christian Democrats and the National Alliance, have called on the 68-year-old prime minister to make a clean break with the previous four years of government by stepping down, revamping the Cabinet and focusing economic policy on low- income households and Italy's depressed south.
Berlusconi's Forza Italia party dropped more than 10 percentage points in the regional elections to about 18 percent of the vote, compared with 29 percent in the 2001 national election. Support has declined as the economy struggles, with Italian growth last year slower than any of the dozen countries sharing the euro except for Portugal.
After announcing his plans to the upper house of parliament, or Senate, Berlusconi submitted his resignation to President Carlo Azeglio Ciampi, putting an end to Italy's longest-serving administration in the history of the post-World War II republic.
Ciampi now will consult with party leaders to see if there's enough support for a new Berlusconi government. If there is, he'll ask Berlusconi to present a new Cabinet, which then must win a vote of confidence in both houses of parliament. The new cabinet could be in place by Sunday, Berlusconi said today.
Stocks Decline
Following the announcement, Italy's S&P/MIB benchmark stock index shed as much as 0.6 percent to 30,911. It had risen as much as 0.6 percent earlier in the day. Shares of Fiat SpA, Italy's largest manufacturer, and Seat Pagine Gialle SpA, the country's biggest publisher of telephone directories, paced declines.
Two days ago Berlusconi, Italy's richest person, defied his coalition partners by not stepping down after telling them he would. That prompted his biggest ally, the National Alliance, to threaten to pull its ministers out of the Cabinet. The Union of Christian Democrats, calling for a ``new government,'' had quit the Cabinet on April 15.
``The speech and the gesture were very appreciated,'' Marco Follini, leader of the Christian Democrats and former deputy prime minister, said after Berlusconi's speech.
The Christian Democrats and the National Alliance oppose Berlusconi's plan to cut income taxes and boost spending on public works to spur growth. The two allies are demanding business-tax reductions, aid to the south and greater benefits for households with children.
Regenerating the South
``It's my intention to update our program and boost our efforts to defend the purchasing power of families, to sustain our businesses, and to create renewed and decisive growth in the South,'' Berlusconi said.
The smallest coalition party, the Northern League, has been Berlusconi's staunchest ally. Greater focus on southern Italy would clash with the League's aim of keeping tax money paid by northerners from being funneled to the south.
The new government press on with the passage of a League- sponsored bill devolving administration of schools, police and health care, Berlusconi said.
Opposition leader Romano Prodi, the former president of the European Commission, yesterday called on Berlusconi to give up his mandate and seek an early election.
The regional election results showed the coalition parties ``no longer represent the majority'' of the country, Prodi said. ``This little dance has got to end. We're worried about growth, industry, exports and also the public accounts.''
The European Commission and the International Monetary Fund both have said Italy risks a budget deficit of more than 4 percent of gross domestic product in 2005, exceeding the European Union's 3 percent limit, even without new tax cuts.
BTW, he's resigned.
Italian Leader Berlusconi Resigns, Seeks to Form New Government
April 20 (Bloomberg) -- Italian Prime Minister Silvio Berlusconi resigned to try to form a new government, bowing to demands for change from his allies after the coalition lost 12 out of 14 regional elections this month.
``All the parties in the coalition have formally renewed their confidence in me as their leader and asked me to resign and give life to a new government,'' Berlusconi said in a speech in the Senate in Rome today. ``It's my intention to do this.''
The second- and third-biggest parties in Berlusconi's four- way coalition, the Union of Christian Democrats and the National Alliance, have called on the 68-year-old prime minister to make a clean break with the previous four years of government by stepping down, revamping the Cabinet and focusing economic policy on low- income households and Italy's depressed south.
Berlusconi's Forza Italia party dropped more than 10 percentage points in the regional elections to about 18 percent of the vote, compared with 29 percent in the 2001 national election. Support has declined as the economy struggles, with Italian growth last year slower than any of the dozen countries sharing the euro except for Portugal.
After announcing his plans to the upper house of parliament, or Senate, Berlusconi submitted his resignation to President Carlo Azeglio Ciampi, putting an end to Italy's longest-serving administration in the history of the post-World War II republic.
Ciampi now will consult with party leaders to see if there's enough support for a new Berlusconi government. If there is, he'll ask Berlusconi to present a new Cabinet, which then must win a vote of confidence in both houses of parliament. The new cabinet could be in place by Sunday, Berlusconi said today.
Stocks Decline
Following the announcement, Italy's S&P/MIB benchmark stock index shed as much as 0.6 percent to 30,911. It had risen as much as 0.6 percent earlier in the day. Shares of Fiat SpA, Italy's largest manufacturer, and Seat Pagine Gialle SpA, the country's biggest publisher of telephone directories, paced declines.
Two days ago Berlusconi, Italy's richest person, defied his coalition partners by not stepping down after telling them he would. That prompted his biggest ally, the National Alliance, to threaten to pull its ministers out of the Cabinet. The Union of Christian Democrats, calling for a ``new government,'' had quit the Cabinet on April 15.
``The speech and the gesture were very appreciated,'' Marco Follini, leader of the Christian Democrats and former deputy prime minister, said after Berlusconi's speech.
The Christian Democrats and the National Alliance oppose Berlusconi's plan to cut income taxes and boost spending on public works to spur growth. The two allies are demanding business-tax reductions, aid to the south and greater benefits for households with children.
Regenerating the South
``It's my intention to update our program and boost our efforts to defend the purchasing power of families, to sustain our businesses, and to create renewed and decisive growth in the South,'' Berlusconi said.
The smallest coalition party, the Northern League, has been Berlusconi's staunchest ally. Greater focus on southern Italy would clash with the League's aim of keeping tax money paid by northerners from being funneled to the south.
The new government press on with the passage of a League- sponsored bill devolving administration of schools, police and health care, Berlusconi said.
Opposition leader Romano Prodi, the former president of the European Commission, yesterday called on Berlusconi to give up his mandate and seek an early election.
The regional election results showed the coalition parties ``no longer represent the majority'' of the country, Prodi said. ``This little dance has got to end. We're worried about growth, industry, exports and also the public accounts.''
The European Commission and the International Monetary Fund both have said Italy risks a budget deficit of more than 4 percent of gross domestic product in 2005, exceeding the European Union's 3 percent limit, even without new tax cuts.
