ITALY: Demonstrators gather outside the Bank of Italy to protest the handling of the economic crisis

Record ID: 559909

  • Title: ITALY: Demonstrators gather outside the Bank of Italy to protest the handling of the economic crisis
  • Date: 13th October 2011
  • Summary: ROME, ITALY (OCTOBER 12, 2011) (REUTERS) POLICE VANS BLOCKING STREET OUTSIDE BANK OF ITALY POLICE GUARDING GATE OF BANK OF ITALY DEMONSTRATORS SITTING ON STAIRS BANNER READING "STOP CAPITALISM" YOUNG FEMALE PROTESTERS WITH BANNER READING "OUR FUTURE IS NOT IN DEBT" DEMONSTRATORS GATHERED STICKER ON DEMONSTRATOR'S CHEST READING "BANK OF CUTS" (SOUNDBITE) (Italian) ANDREA MIGNUCCI SAYING "It's not only a crisis of the government, it is a crisis in the entire system. The system is collapsing completely. It is like a sickness that is being cured by constantly feeding it drugs." DEMONSTRATOR HOLDING BANNER READING "YES WE CAMP" VARIOUS OF DEMONSTRATORS (SOUNDBITE) (Italian) MARINA MONTANELLI SAYING "We are here to show our strong opposition to the political measures aimed at solving the crisis in Italy. They are measures that do nothing but bow to the pressures of the European Central Bank and we are here to protest against the financial dictatorship." DEMONSTRATORS HOLDING UP BANNERS BANNER READING "YOUR CUTS LIMIT OUR FUTURE" ANOTHER BANNER READING: "LESS MARKETS, MORE WELFARE" VARIOUS OF DEMONSTRATORS VARIOUS OF DEMONSTRATORS WITH FACE MASKS DEMONSTRATOR HOLDING MASKS OF ITALIAN PRIME MINISTER SILVIO BERLUSCONI AND BANK OF ITALY GOVERNOR MARIO DRAGHI VARIOUS OF POLICE BLOCKING STREET
  • Embargoed: 28th October 2011 13:00
  • Keywords:
  • Location: Italy, Italy
  • Country: Italy
  • Topics: Finance,Politics
  • Reuters ID: LVAEGNY6RY5GA9481N569R9A76PE
  • Story Text: A few hundred demonstrators gathered outside the Bank of Italy on Wednesday (October 12) afternoon as the bank's governor Mario Draghi, who will become the head of the European Central Bank (ECB) next month, was due to address a conference commemorating the 150th anniversary of the Italian republic.
    The demonstration, under tight police scrutiny, was held in protest of the country's handling of the economic crisis.
    Measures to boost Italy's chronically slow economic growth have repeatedly been delayed and squabbles continue over an austerity package, passed under pressure from the European Central Bank, to balance the budget by 2013.
    "It's not only a crisis of the government, it is a crisis in the entire system. The system is collapsing completely. It is like a sickness that is being cured by constantly feeding it drugs," demonstrator Andrea Mignucci said.
    "We are here to show our strong opposition to the political measures aimed at solving the crisis in Italy. They are measures that do nothing but bow to the pressures of the European Central Bank and we are here to protest against the financial dictatorship," added another demonstrator, Marina Montanelli.
    Earlier on Wednesday, Italian President Giorgio Napolitano expressed deep concern about the viability of the country's government as Prime Minister Silvio Berlusconi scrambled to quell an internal rebellion by calling a confidence vote.
    Berlusconi will address parliament on Thursday (October 13) and ask for a vote of confidence, parliamentarians said on Wednesday.
    The vote will likely be held on Friday (October 14) after a parliamentary debate. Berlusconi would have to resign if he loses.
    Yields on Italian government bonds are dangerously high considering its massive public debt, because of investors' lack of confidence that Berlusconi's government can take decisive action.
    Ratings agency Fitch last week cut Italy's credit rating by one notch with a negative outlook, following a downgrade by Moody's and Standard and Poor's, underlining market concern over the stability of its public finances and its chronically weak growth.
    A 60-billion-euro austerity package to balance the budget by 2013 was passed last month only after weeks of hesitation and delay, while the timetable for a decree to pass economic reforms and approve the sale of state assets has slipped to Oct. 20.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2011. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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