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I'm curious, is the reason there aren't any topics about Italy's latest mess, that people aren't informed about it, or just that they've given up on the country?
Tremonti bars Fazio from meeting of World Bank
By Adrian Michaels in Milan and Andrew Balls in Washington
Published: September 25 2005 20:44 | Last updated: September 25 2005 20:44
Antonio FazioThe crisis at the heart of Italy's financial establishment spilled on to the international stage on Sunday when Giulio Tremonti, the new finance minister, cancelled, in effect, an expected appearance of Antonio Fazio, the country's central bank head, at a World Bank meeting.
Mr Tremonti on Saturday nominated a more junior official to appear at the meeting of the development committee, the policy setting body for the World Bank. Mr Fazio had been expected to attend as he has represented Italy at the meeting every year since 1999. Instead, he flew back to Rome.
Silvio Berlusconi, Italy's prime minister, last week called for Mr Fazio to resign amid a banking scandal in which the central bank governor has been accused of bias. The call came after Domenico Siniscalco, finance minister, quit over the government's handling of the affair.
An Italian Treasury official said Mr Fazio had not been nominated to attend the World Bank meeting because Mr Berlusconi's comments made clear he did not have the government's support.
Mr Fazio, who is independent of political interference and appointed for life, says he has done nothing wrong. He flew to Washington for the gatherings of the Group of Seven leading economies, International Monetary Fund and World Bank last week. He was followed by Mr Tremonti, the swiftly appointed replacement for Mr Siniscalco, who also wants Mr Fazio out of office.
Mr Tremonti, a former finance minister, has used the time since his reappointment last week to disrupt Mr Fazio's plans and underline how badly Italy needs to resolve the dispute. Mr Tremonti did a comic impression of Mr Fazio for reporters on Friday.
Mr Fazio did attend meetings of the G7 and the international monetary and financial committee, the council of ministers which oversees the IMF.
A senior US Treasury official who was at the G7 meeting with Mr Fazio and Mr Tremonti said there had been "nothing uncivil" between them.
According to Reuters reports from Washington, the IMF said on Sunday that the Italian government needed to do more to curb its deficit.
Alessandro Leipold, an IMF official responsible for Italy, said: "The IMF forecast for the Italian deficit under current legislation is 5.1 per cent of GDP for 2006 against a forecast of 4.7 per cent of GDP by the government. So the fiscal measures planned by the government that are worth $11.5bn (€9.5bn) will not be enough to cut the deficit to 3.8 per cent.
By Adrian Michaels in Milan and Andrew Balls in Washington
Published: September 25 2005 20:44 | Last updated: September 25 2005 20:44
Antonio FazioThe crisis at the heart of Italy's financial establishment spilled on to the international stage on Sunday when Giulio Tremonti, the new finance minister, cancelled, in effect, an expected appearance of Antonio Fazio, the country's central bank head, at a World Bank meeting.
Mr Tremonti on Saturday nominated a more junior official to appear at the meeting of the development committee, the policy setting body for the World Bank. Mr Fazio had been expected to attend as he has represented Italy at the meeting every year since 1999. Instead, he flew back to Rome.
Silvio Berlusconi, Italy's prime minister, last week called for Mr Fazio to resign amid a banking scandal in which the central bank governor has been accused of bias. The call came after Domenico Siniscalco, finance minister, quit over the government's handling of the affair.
An Italian Treasury official said Mr Fazio had not been nominated to attend the World Bank meeting because Mr Berlusconi's comments made clear he did not have the government's support.
Mr Fazio, who is independent of political interference and appointed for life, says he has done nothing wrong. He flew to Washington for the gatherings of the Group of Seven leading economies, International Monetary Fund and World Bank last week. He was followed by Mr Tremonti, the swiftly appointed replacement for Mr Siniscalco, who also wants Mr Fazio out of office.
Mr Tremonti, a former finance minister, has used the time since his reappointment last week to disrupt Mr Fazio's plans and underline how badly Italy needs to resolve the dispute. Mr Tremonti did a comic impression of Mr Fazio for reporters on Friday.
Mr Fazio did attend meetings of the G7 and the international monetary and financial committee, the council of ministers which oversees the IMF.
A senior US Treasury official who was at the G7 meeting with Mr Fazio and Mr Tremonti said there had been "nothing uncivil" between them.
According to Reuters reports from Washington, the IMF said on Sunday that the Italian government needed to do more to curb its deficit.
Alessandro Leipold, an IMF official responsible for Italy, said: "The IMF forecast for the Italian deficit under current legislation is 5.1 per cent of GDP for 2006 against a forecast of 4.7 per cent of GDP by the government. So the fiscal measures planned by the government that are worth $11.5bn (€9.5bn) will not be enough to cut the deficit to 3.8 per cent.
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