Skip to comments.Italian PM Monti Mysteriously Jets Off To Brussels And The Euro Falls Below $1.28
Posted on 01/05/2012 8:15:23 AM PST by dynachrome
Reuters reports (via ForexLive) that Italian PM Mario Monti is flying to Brussels unexpectedly, and his office is giving no details about who he's going to meet or what he will while in the European capitol.
News of his sudden trip coincided with a momentary drop in the value of the euro versus the dollar below $1.28, a value it hasn't hit since September 2010, according to CNBC. The euro has been falling steadily since Tuesday
(Excerpt) Read more at businessinsider.com ...
New Italian Bond sales coming up, and the EU has already spent most of it’s bond buying facility it passed last month.
Getting out while the getting is good?
3 Card Monti?...
The reality is the Greeks, Italians, Spaniards,etc. do not want to comply with the austerity measures prescribed by the EU and their technocrat leaders. The collapse of the welfare state is painful, but no one wants to endure the pain. Eventually, the immovable object and the irresistable force will collide.
“collapse of the welfare state” would probably mean revolution in Greece, with a stalin or Pinochet taking over.
I doubt it. I lived in Athens for three years.
You would know better than I.
I was on a vacation in Italy I think maybe six years ago and we ended up talking to an Italian engineer on the train we were on. He said that basically, Italians lost 50% of their buying power after switching from the Lira. I don’t know how accurate his number was then but he wanted to go back to the Lira.
I loved the lira. I’ve got 500,000 Liras, woo hoo! I think that was $165 dollars.
That word again, "unexpectedly". It crops up fairly often and seems to be attached to bad news.
I heard somebody on Bloomberg TV this morning saying that the reason the Euro hasn’t fallen further is b/c the markets don’t believe the Euro will be intentionally depreciated to inflate away their debt. this is in contrast to conventional wisdom for and history of the Dollar and Pound.
Not sure if thats accurate but it’s plausible.
If you can figure out a way that the banks can profit and the eurozone and American taxpayers get screwed, THAT will probably be the way it all works out in the end.
Interesting. We’ll have to see how it all plays out. And watch our wallets at all times.