Italy's Prime Minister (and self appointed economy minister) shot over to CNBC after his meeting with President Obama this afternoon to discuss how well everything looks for Italy since he was elected took over.
Notable Comments:
- Italian banks are "vulnerable" but have recapitalized themselves (rather, the ECB has given them money)
- He had a good meeting with Obama, and Obama is supportive (he's careful to mention not financially supportive - perhaps forgetting how much the Federal Reserve bails out Euro banks)
- A plan has been in place since January 1st to balance the budget by 2013 (Obama apparently didn't pay attention to this little tidbit)
- Political cost is not a relevant matter... for the unelected government - the people will be happy to know it doesn't matter one bit what they want, the former Goldman Advisor knows what's best for them
- He plans to transfer tax burdens to indvidual property owners and not burden corporations (should help the middle class)
- S&P decision to downgrade Italian banks was due to previous leadership's decisions (he learned a little from President Obama)
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FTW: "If somebody considers investing in Italy now, thy should not be too worried about what comes next"
A few visuals on why nobody should worry:
