Category : Italy

(First Things) Timothy George–A Tale of Two Demons

On Pentecost Sunday all hell broke loose in Rome. Following Mass that day, the unpredictable Pope Francis laid hands on a demon-possessed man from Mexico and prayed for him. The YouTube video of this encounter was flashed around the world, and the story caught fire: Is Pope Francis an exorcist? The Holy Father’s Vatican handlers were quick to deny such. The pope simply offered a prayer of deliverance for the distraught man, it was said. Exorcism in the Catholic Church is a sacramental, a sacred act producing a spiritual effect, which must be done according to the officially prescribed Rite of Exorcism. And yet what the pope did on Pentecost Sunday in St. Peter’s Square was more than a simple prayer for someone to get better. It looked for all the world like a real act of spiritual warfare.

Timothy GeorgeThe scene now shifts to South America, the continent where Jorge Mario Bergoglio was born and has spent most of his life. The place: All Saints Church, in Steenrijk, Curaçao, in the Anglican Diocese of Venezuela. The date: May 12, 2013, one week before the pope’s exorcism-like event in Rome. The preacher: The Most Reverend Katharine Jefferts Schori, presiding bishop of The Episcopal Church (formerly known as ECUSA). When she was elected to her post in 2006, Father Richard John Neuhaus described it as an occasion of great sadness. His reaction reflected neither personal animus nor schadenfreudlich glee. Rather, he saw her accession to this high office as likely to deepen the pain and division within the Christian community. Sadly, he was right.

In Venezuela, Bishop Katharine also confronted a demon””the one found in her sermon text for the day, Acts 16:16-24. This is Luke’s account of Paul’s exorcism of a manic slave girl in Philippi. The bishop’s sermon was really a polemic against what she called, in postmodernist lingo, “discounting and devaluing difference.”

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Posted in * Anglican - Episcopal, * Culture-Watch, * International News & Commentary, * Religion News & Commentary, Episcopal Church (TEC), Europe, Italy, Other Churches, Pope Francis, Presiding Bishop, Religion & Culture, Roman Catholic, South America, Venezuela

(RNS) Lacking recognition, Italy’s Muslims face an uncertain future

Steps from the immense colonnade of St. Peter’s Square, Sarwar Jahan stood next to his souvenir stand. A dark, clean-shaven man wearing a navy blue jacket and a black knit cap, Jahan is one of the legions of peddlers selling trinkets of the new Pope Francis to tourists and pilgrims.

Like many of his fellow street merchants, Jahan is neither a Catholic nor a natural-born Italian. He’s a Muslim who moved to Rome from Bangladesh in search of work.

In a country dominated by Roman Catholics, Muslims make up Italy’s second-largest religious group. A Pew study estimated that more than 1.5 million Muslims live in Italy, a number projected to double by 2030.

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Posted in * Culture-Watch, * International News & Commentary, * Religion News & Commentary, Europe, Islam, Italy, Other Faiths, Religion & Culture

Italian Islamist Cell "Planned Attacks in Israel, US, Italy"

Italian police arrested four men on Tuesday, who are suspected of planning terrorist attacks in Italy, the US and Israel, reports Reuters News. One of the arrested men is believed to be a Tunisian former imam at a mosque in the city of Andria, in the southern Italian region of Puglia, where police said the terror cell was based. According to paramilitary police, the men aimed to train terrorists and send them to fight abroad, and are suspected of conspiracy to commit international terrorism and incite racial hatred.

According to investigators, the four men focused their recruitment activities among illegal immigrants, who were subsequently sent to training camps in Iraq, Afghanistan, Yemen and Chechnya. Police described the group as being characterized by “fierce anti-Semitism and anti-Western sentiment” and an aversion to states viewed as enemies in the context of religious war.

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Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, * Religion News & Commentary, Europe, Islam, Italy, Law & Legal Issues, Other Faiths, Police/Fire, Religion & Culture, Terrorism

(Church Times) Durham Dean welcomes Di Canio's rejection of fascism

The Dean of Durham, the Very Revd Michael Sadgrove, has welcomed a statement issued by the new manager of Sunderland Football Club, Paolo Di Canio, on Wednesday, saying that he does “not support the ideology of fascism”.

Dean Sadgrove wrote an open letter to Mr Di Canio on Tuesday, seeking clarification whether he held fascist beliefs. Mr Di Canio, whose appointment as Sunderland manager was announced on Sunday evening, gave a straight-arm salute more than once when he was a player, and said in his autobiography that he was “fascinated by Mussolini”.

The former Foreign Secretary David Miliband resigned from the board of Sunderland FC because of “past political statements” made by Mr Di Canio.

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Posted in * Anglican - Episcopal, * Christian Life / Church Life, * Culture-Watch, * Economics, Politics, * International News & Commentary, Anglican Provinces, Church of England (CoE), England / UK, Ethics / Moral Theology, Europe, History, Italy, Media, Parish Ministry, Politics in General, Religion & Culture, Sports, Theology

(Vatican Radio) Christian Unity: communication and conversation at the Anglican Centre

The week of prayer for Christian Unity draws to a close on Friday as Pope Benedict prepares to celebrate Vespers in the Basilica of St Paul Outside the Walls with representatives of all the different local Christian communities.

Among them will be Canon David Richardson, the outgoing director of the Anglican Centre here in Rome. Set up in the wake of the Second Vatican council, the centre has an important library, runs educational courses, welcomes pilgrims to Rome and maintains close contact with the different Vatican departments.
Every Tuesday the centre welcomes locals and visitors for a Eucharist, followed by an informal lunch hosted by David and his wife Margie for people of all religious backgrounds or none. The aim, as Philippa Hitchen found out, is to foster understanding, reconciliation and better relations amongst all members of the Body of Christ”¦”¦.

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Posted in * Anglican - Episcopal, * International News & Commentary, * Religion News & Commentary, Ecumenical Relations, Europe, Italy, Other Churches, Roman Catholic

(Vatican Radio) The Vatican welcomes appointment of new Anglican Centre director

The Pontifical Council for the Promoting Christian Unity has welcomed the appointment of a new director for the Anglican Centre in Rome and representative of the Archbishop of Canterbury to the Vatican. Archbishop David Moxon of Waikato, the senior Anglican bishop in New Zealand, will take up his new post after Easter 2013, following the retirement of the current director, Canon David Richardson.

Following the announcement from Lambeth Palace on Tuesday, the Pontifical Council for Christian Unity issued a note saying “It is felt that Archbishop Moxon’s considerable experience and gifts will suit him well for this important position which has such a significant role in relations between the Holy See and Canterbury, confirming the bonds of affection between Anglicans and Roman Catholics, and assisting our mutual understanding and work. As co-chairman of ARCIC (Anglican Roman Catholic International Commission) the appointment will lend even greater prominence to the progress of this long-standing dialogue.”
Since taking on the task of Anglican co-chair of ARCIC III, Archbishop Moxon has been working closely with the Pontifical Council and other Catholic experts in the ecumenical world. During a recent visit to Rome, he told Vatican Radio’s Philippa Hitchen that he’s optimistic about the amount of progress already made between Anglicans and Catholics….

Listen to it all.

Posted in * Anglican - Episcopal, * International News & Commentary, * Religion News & Commentary, Anglican Church in Aotearoa, New Zealand and Polynesia, Anglican Provinces, Archbishop of Canterbury, Ecumenical Relations, Europe, Italy, Other Churches, Pope Benedict XVI, Roman Catholic, Theology

Eugenic Screening Allowed: European Court Decides

On August 28 the European Court of Human Rights declared that access to pre-implantation genetic diagnosis (PGD) must be allowed.

The court decision dealt with Law 40/2004 on assisted fertilization in Italy. The case of Rosetta Costa and Walter Pavan v. Italy regarded a married couple who were both carriers of cystic fibrosis who wished to use PGD to screen their children as embryos.

The couple already aborted a child suffering from cystic fibrosis and they brought their case to the court arguing that the current Italian law that prohibits pre-implantation genetic diagnosis infringes their private and family life.

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Posted in * Culture-Watch, * International News & Commentary, Children, Europe, Health & Medicine, Italy, Life Ethics, Marriage & Family, Religion & Culture, Science & Technology

After High Note for [Mario Draghi's Latest] Euro Plan, Discord Emerges

Greeted with initial fanfare by investors and economic officials, the unlimited bond-buying plan that the European Central Bank president, Mario Draghi, announced Thursday ran into immediate political problems in the crucial countries of Germany, Spain and Italy.

In Germany, despite Chancellor Angela Merkel’s support for Mr. Draghi and the independence of the Central Bank, political and news media reaction was scathing, with accusations that the bank, in seeking to stabilize the euro currency union, was subverting its mandate to fight inflation and forcing debt upon euro zone members.

“A Black Day for the Euro,” “Over the Red Line” and “Pandora’s Box Opened Forever” were some of the German headlines, with the normally sympathetic Süddeutsche Zeitung headlining an editorial: “The E.C.B. Rewards Mismanagement.” Even the German Bundesbank, officially part of the European Central Bank, put out a statement commenting acidly that the plan was “financing governments by printing bank notes.”

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Posted in * Economics, Politics, * International News & Commentary, --European Sovereign Debt Crisis of 2010, Credit Markets, Currency Markets, Economy, Euro, Europe, European Central Bank, Foreign Relations, Germany, Italy, Politics in General, Spain, The Banking System/Sector, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--

([London] Times) Alan Posener–Germany reaches its Eurosceptic Moment

The anger within the three parties of the ruling coalition is understandable. These are the parties of the German taxpayer, after all, and ever since the sovereign debt crisis began they have been reciting the mantra that the eurozone is not and will not become a “transfer union”; that there will be no mutualisation of debt; that Mediterranean sloth and tax evasion will not be rewarded by payments from hardworking, honest Nordic Germany.

If this sounds racist, it’s because the debate is tinged on all sides by nationalist stereotypes. The German middle class feels it has been had and the country is digesting Moody’s downgrading of its credit rating. “Is this what we get for saving the Greeks?” asks the tabloid Bild. Good question….

It is impossible to explain to a German who has had her retirement age upped to 67, or an unemployed German whose benefits have been cut to balance the budget, why billions of euros should go south to support governments that didn’t have the guts to slash social spending or who let their citizens retire to the beach at 55.

Read it all (requires subscription).

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, --European Sovereign Debt Crisis of 2010, Consumer/consumer spending, Corporations/Corporate Life, Credit Markets, Currency Markets, Economy, England / UK, Euro, Europe, European Central Bank, Foreign Relations, Germany, Greece, Ireland, Italy, Politics in General, Portugal, Psychology, Spain

Congratulations to Spain, Winners of the Euro 2012 Championship

It was a dominant performance today.

Posted in * Culture-Watch, * International News & Commentary, Europe, Italy, Men, Spain, Sports

Italy Beat Germany to Advance to the Euro 2012 Finals on Sunday

Congratulations to them they played well; Buffon is quite the goalie.

Posted in * Culture-Watch, * International News & Commentary, Europe, Germany, Italy, Men, Sports

England Go Down to Italy on Penalty Kicks in the Euro 2012 Quarterfinal

Italy were the better team and deserved to win.

Posted in * Culture-Watch, * International News & Commentary, England / UK, Europe, Italy, Men, Sports

The Economist on the Eurozone Crisis–limited federalism is a less miserable solution than break-up

What will become of the European Union? One road leads to the full break-up of the euro, with all its economic and political repercussions. The other involves an unprecedented transfer of wealth across Europe’s borders and, in return, a corresponding surrender of sovereignty. Separate or superstate: those seem to be the alternatives now.

For two crisis-plagued years Europe’s leaders have run away from this choice. They say that they want to keep the euro intact””except, perhaps, for Greece. But northern European creditors, led by Germany, will not pay out enough to assure the euro’s survival, and southern European debtors increasingly resent foreigners telling them how to run their lives.

This has become a test of over 60 years of European integration….

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Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, --European Sovereign Debt Crisis of 2010, Consumer/consumer spending, Corporations/Corporate Life, Credit Markets, Currency Markets, Economy, Euro, Europe, European Central Bank, Foreign Relations, France, Germany, Greece, History, Italy, Politics in General, Portugal, Spain, The Banking System/Sector, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--

(NY Times) Eduardo Porter–Leaving the Euro May Be Better Than the Alternative

Like the single market before, …[the Euro] was conceived primarily as glue to bind Europe more closely together, tie Germany’s prosperity to that of its neighbors and prevent a third world war from the Continent, which had brought us two. A few engineering flaws wouldn’t be allowed to get in the way of such an important project.

A little over a decade since the first euro bills hit the shops in Madrid and Berlin, the euro’s design flaws have pushed much of the European Union into a deep economic pit. And political imperative is again being deployed as a major reason to stick to the common currency. “This enormously important motivation is often underestimated by outsiders,” argued the Financial Times columnist Martin Wolf, the most sober analyst of Europe’s economic maelstrom….
The main problem is that while leaders eagerly embraced the monetary bond, they rejected its necessary complement: a central budget that would transfer money from successful regions to underperforming ones, as the United States government sends tax dollars collected in Massachusetts to pay for unemployment benefits in Nevada.

The euro fed the illusion that Greece, Spain and Italy were as creditworthy as Germany or the Netherlands, propelling a decade-long credit boom in Europe’s less-developed periphery. And it was spectacularly ill-designed to deal with the shock when capital flows to those nations suddenly stopped. Weak countries not only had to rely on their own devices; they had to do so without a currency or a monetary policy of their own to absorb the blow….

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Posted in * Economics, Politics, * International News & Commentary, --European Sovereign Debt Crisis of 2010, Consumer/consumer spending, Corporations/Corporate Life, Credit Markets, Currency Markets, Economy, Euro, Europe, European Central Bank, Foreign Relations, France, Germany, Greece, Italy, Politics in General, Portugal, Spain, The Banking System/Sector, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--

(Washington Post) Greek Euro exit would hit at home, but fallout could be global

There could be immediate risks to the Spanish and Italian economies: Tens of billions of dollars have left those nations in recent months as investors doubt their ability to both control rising public debt and boost their economies from recession. A Greek departure from the euro would, officials and analysts fear, push the lack of confidence in the euro zone to another level, accelerate that capital flight and leave one or both nations close to economic collapse.

It is a pattern reminiscent of what happened in Latin America and Asia in the 1990s, and it is the most likely way that a Greek exit from the euro could ignite a global round of financial contagion. The risks were highlighted Thursday when the Moody’s rating agency cut its assessment of Spanish banks, saying it had less confidence in the ability of the Spanish government to support the country’s financial system.

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Posted in * Economics, Politics, * International News & Commentary, --European Sovereign Debt Crisis of 2010, Economy, Euro, Europe, European Central Bank, Greece, Italy, Politics in General, Spain, The Banking System/Sector

(Telegraph) Roger Bootle–The final death throes of the euro?

The euro crisis is entering its final stages. Economic pain is now interacting with political resistance to produce intense financial pressure. I expect Greece to leave the euro ”“ and perhaps very soon.

It could happen voluntarily, but both the Greek people and Greek politicians are still clinging to the idea that they can put an end to austerity yet still stay in the euro. In order to try to achieve that, a new government may call the eurozone’s bluff.

At that point, the other eurozone members would face an awkward choice. Doubtless there would be voices in favour of providing the money, willy nilly. That might well be the French position. But if the eurozone gives way on this, what chance would there be of painful austerity being continued, not just in Greece but also in Portugal, Spain, Italy and Ireland? The northern countries would face the prospect of pouring money into a bottomless pit.

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Posted in * Economics, Politics, * International News & Commentary, --European Sovereign Debt Crisis of 2010, Consumer/consumer spending, Corporations/Corporate Life, Credit Markets, Currency Markets, Economy, Euro, Europe, European Central Bank, Foreign Relations, France, Germany, Greece, Italy, Politics in General, Portugal, Spain

Robert Samuelson–Spain's newfound economic turmoil has far-reaching ramifications

If Spain’s crisis deepens Europe’s recession, it could tip the entire world economy into a stubborn slump. The ramifications would be enormous, including: reduced odds of Barack Obama’s reelection, assuming a weaker U.S. recovery; less political cohesion and more social unrest in Europe (even now, the European Union’s unemployment rate is 10.2 percent); and growing pressures in many countries for economic nationalism and protectionism.

Spain is suffering a hangover from what economist Desmond Lachman of the American Enterprise Institute calls “the mother of all housing booms.”

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Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, --European Sovereign Debt Crisis of 2010, Consumer/consumer spending, Corporations/Corporate Life, Credit Markets, Currency Markets, Economy, Euro, Europe, European Central Bank, France, Germany, Globalization, Greece, Housing/Real Estate Market, Italy, Labor/Labor Unions/Labor Market, Spain, The Banking System/Sector, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--

With Italy and Spain, Further Tests for Europe

Is the euro crisis back with a vengeance, or do investors have a needless case of anxiety?

Until very recently, the gloom over the Continent had seemed to be lifting, with the conclusion of Greece’s second bailout and the calming effect on the financial sector of cheap loans from the European Central Bank. But last week’s jump in borrowing costs for Spain and Italy provided a clear signal that the euro’s problems are far from solved….

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Posted in * Economics, Politics, * International News & Commentary, --European Sovereign Debt Crisis of 2010, Consumer/consumer spending, Corporations/Corporate Life, Credit Markets, Currency Markets, Economy, Euro, Europe, European Central Bank, Italy, Spain, The Banking System/Sector, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--

Only a matter of time before ECB is forced into massive quantitative easing

If I read my Twitter feed correctly, Jorg Asmussen, the German representative on the European Central Bank’s executive board, thinks that the ECB has already played its part as far as saving the euro is concerned with last December’s LTRO intervention; it’s now up to national governments to complete the process, he says, by undertaking the necessary structural reform (Mr Asmussen has been speaking at the Institute for New Economic Thinking conference in Berlin).

As is becoming ever more common when it comes to euroland, it’s a view which is quite at odds with the facts. True enough, the ECB’s surprise liquidity operation did succeed in dousing the crisis, at least temporarily. A Lehman’s style meltdown was averted. But the idea that the ECB can now sit back and let the politicians do the rest is surely deluded.

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Posted in * Economics, Politics, * International News & Commentary, --European Sovereign Debt Crisis of 2010, Consumer/consumer spending, Corporations/Corporate Life, Credit Markets, Currency Markets, Economy, Euro, Europe, European Central Bank, Germany, Italy, Spain, The Banking System/Sector, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--

(BBC) Italy arrests man over Milan synagogue 'plot'

A man aged 20 has been arrested in northern Italy on suspicion of plotting an attack on a synagogue in Milan.

The suspect, described as Moroccan-born, was said to have had details of the synagogue and plans for an attack on his computer.

Police in London said a 40-year-old woman was also arrested on suspicion of collecting information useful to terrorism.

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Posted in * Culture-Watch, * International News & Commentary, * Religion News & Commentary, Europe, Italy, Judaism, Law & Legal Issues, Other Faiths, Police/Fire, Violence

Congratulations to Chelsea for their Overtime Win in the Champion's League

It was a very tough and closely fought home and away match set against Napoli.

Posted in * Culture-Watch, * International News & Commentary, England / UK, Europe, Italy, Men, Sports

(RNS) Cash-strapped Italy looks to tax church-owned properties

Pinched by the global recession and tough-love budget demands of the European Union, the Italian government is looking for extra revenue, and has its eyes set on commercial properties owned by the Roman Catholic Church.
On Feb. 15, the government of Prime Minister Mario Monti announced it wants to revise rules on the tax-exempt status of church-owned commercial property. Although the exemption also applies to other not-for-profit entities, such as trade unions, political parties and religious groups, the Catholic church is its largest beneficiary.

“Such a move would have been unimaginable six months ago,” said Francesco Perfetti, a history professor at LUISS University in Rome. “After all, no matter whether you are a believer or not, the church is an integral part of Italy’s culture.”

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Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, Church/State Matters, Economy, Europe, Housing/Real Estate Market, Italy, Law & Legal Issues, Religion & Culture, Taxes

Woo-Hoo–USA Beats Italy For First Time Ever, 1-0

Watch it all. Clint Dempsey rocks.

Posted in * Culture-Watch, * International News & Commentary, America/U.S.A., Europe, Italy, Sports

(NC Reporter) John Allen–Vatican denies corruption charges attributed to U.S. nuncio

The Vatican this…[week]dismissed as “biased and banal” a broadcast on Italian television yesterday evening suggesting that a senior church official, who is today the pope’s ambassador in the United States, issued a blunt warning to Benedict XVI in March 2011 about financial corruption in the Vatican.

A Vatican spokesperson also appeared to threaten legal action against the broadcast, which named a handful of senior officials and financial advisors in the Vatican as involved in alleged mismanagement and lack of adequate financial controls.

The broadcast, which appeared on one of Italy’s leading commercial networks, focused on Italian Archbishop Carlo Maria Viganò, named in October as Benedict’s new nuncio to the United States. Prior to that position, Viganò had served as the number two official in the government of the Vatican city-state, where he earned a reputation as a financial reformer.

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Posted in * Culture-Watch, * International News & Commentary, * Religion News & Commentary, Europe, Italy, Media, Other Churches, Pope Benedict XVI, Religion & Culture, Roman Catholic

A Prayer for the Feast Day of Saint Fabian

Almighty God, who didst call Fabian to be a faithful pastor and servant of thy people, and to lay down his life in witness to thy Son: Grant that we, strengthened by his example and aided by his prayers, may in times of trial and persecution remain steadfast in faith and endurance, for the sake of him who laid down his life for us all, Jesus Christ our Savior; who liveth and reigneth with thee and the Holy Spirit, one God, for ever and ever. Amen.

Posted in * Christian Life / Church Life, * International News & Commentary, Church History, Europe, Italy, Spirituality/Prayer

(Reuters) Mafia turns into 'Italy's No.1 bank' as crisis bites: Report

Organised crime has tightened its grip on the Italian economy during the economic crisis, making the Mafia the country’s biggest “bank” and squeezing the life out of thousands of small firms, according to a report on Tuesday.

Extortionate lending by criminal groups had become a “national emergency”, said the report by anti-crime group SOS Impresa.

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Posted in * Economics, Politics, * International News & Commentary, --European Sovereign Debt Crisis of 2010, Economy, Europe, Italy, Politics in General, The Banking System/Sector

Harvard Crimson Magazine (FM)–Fifteen Questions with Umberto Eco

FM: What inspired you to write “The Prague Cemetery,” and what did you hope to accomplish with it?

UE: I always said that one of the main features of human languages is the possibility of lying. Dogs do not lie. When they bark to say that someone is outside, they tell the truth. Human beings lie continuously … A particular form of lying is forgery … like “The Protocols of the Elders of Zion,” which, if not the only cause, certainly contributed to the Holocaust. I find [“The Protocols”] interesting because, one, they are a completely self-contradictory text … Second scandal, they were proven in 1921 to be false, and after that they were believed more and more, so it’s an interesting story. The fact that many beautiful and interesting historical essays were written on this topic is evidently not enough, because they have not reached the mass public audience. So, I don’t say it is the only motivation, but one of the motivations was that, maybe, transforming it into a narrative, I could reach more of an audience. I was just told yesterday that my book has been asked to be translated for Indonesia, a Muslim country. I don’t think Indonesians have gotten many opportunities to read the great scholarly books on “The Protocols”, which are reserved to a few scholars.

Read it all (emphasis mine).

Posted in * Culture-Watch, * International News & Commentary, Anthropology, Books, Europe, History, Italy, Poetry & Literature, Psychology, Theology

(Economist Leader) Unless Germany and the ECB move quickly, the Euro's collapse is looming

Even as the euro zone hurtles towards a crash, most people are assuming that, in the end, European leaders will do whatever it takes to save the single currency. That is because the consequences of the euro’s destruction are so catastrophic that no sensible policymaker could stand by and let it happen.

A euro break-up would cause a global bust worse even than the one in 2008-09. The world’s most financially integrated region would be ripped apart by defaults, bank failures and the imposition of capital controls….The euro zone could shatter into different pieces, or a large block in the north and a fragmented south. Amid the recriminations and broken treaties after the failure of the European Union’s biggest economic project, wild currency swings between those in the core and those in the periphery would almost certainly bring the single market to a shuddering halt. The survival of the EU itself would be in doubt.

Yet the threat of a disaster does not always stop it from happening. The chances of the euro zone being smashed apart have risen alarmingly, thanks to financial panic, a rapidly weakening economic outlook and pigheaded brinkmanship. The odds of a safe landing are dwindling fast.

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Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, --European Sovereign Debt Crisis of 2010, Consumer/consumer spending, Corporations/Corporate Life, Credit Markets, Currency Markets, Economy, England / UK, Euro, Europe, European Central Bank, Foreign Relations, France, Germany, Globalization, Greece, History, Ireland, Italy, Politics in General, Portugal, Psychology, Spain, Stock Market, The Banking System/Sector, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--

European Banks Seek More Cash From Central Bank

Banks clamored for emergency funds from the European Central Bank on Tuesday, borrowing the most since early 2009 in a clear sign that the euro region’s financial institutions are having trouble obtaining credit at reasonable rates on the open market.

Indebted governments among the 17 members of the European Union that use the euro are also finding it harder to borrow at affordable rates as investors lose confidence in their creditworthiness.

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Posted in * Economics, Politics, * International News & Commentary, --European Sovereign Debt Crisis of 2010, Consumer/consumer spending, Corporations/Corporate Life, Credit Markets, Currency Markets, Economy, England / UK, Euro, Europe, European Central Bank, France, Germany, Ireland, Italy, Portugal, Spain, The Banking System/Sector, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--

(AP) Italians want to cut debt but without sacrifices

Ninety-three percent of Italians believe cutting the country’s hobbling public debt is a top priority, but few are willing to make personal sacrifices to do so, according to an AP-GfK poll released Tuesday.

Only about a quarter of Italians favor reforming labor laws to make it easier to fire workers, or raising the retirement age from 65 (and sometimes lower) to 67 – two of the reforms considered critical to curb Italy’s public spending and boost economic growth.

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Posted in * Economics, Politics, * International News & Commentary, --European Sovereign Debt Crisis of 2010, Economy, Euro, Europe, European Central Bank, Italy, Personal Finance, Politics in General