05 November 2011

ITALY / EUROZONE / IMF : 7 Nov UPDATE: Silvio Shrugs Off IMF Check-Up/Resignation Talk; Refuses Credit Line; Checks Out Argentina's President CFK.

                                        LINK CHANGE/ USATODAY

     The PM many Italians love to hate...but keep in power...Silvio Berlusconi...insists that Italy has no financial problems...even as he fights with rebels from his own party...to stay in power before a Tuesday vote.
     But Italy's 10 year sovereign debt has set another worrisome record high...6.67%... considered unsustainable.
     President Giorgio Napolitano warns that Italy is suffering the worst crisis since WW2.
     But "What me worry?"...seems to be Berlusconi's attitude.
     The IMF  does worry.
     It has insisted on beginning rare regular quarterly check-ups of his promised reforms.
     The IMF also offered a credit line of E45bn/$62bn (WSJ)...with a possible doubling of the amount in 2012.
    But Silvio has refused the offer so far...ahead of his 9th confidence vote in 2011...and rumors that a new technocrat-led government "must" soon succeed him.
    Instead at the G-20...he was seen...busy "checking-out" recent widow...Argentine President Cristina Fernandez.