Berlusconi Blames Deutsche Bank for Conspiring Against him

Former Italian Prime Minister, Silvio Berlusconi, who is preparing to make a comeback in elections due in February 2013, has hinted at a conspiracy that toppled his government in November last year.

Speaking to Class CNBC, Berlusconi, who is Italy’s longest-serving leader since the Second World War, despite an ongoing trial involving a sex scandal and conviction for fraud, described his 2011 resignation as a “coup d’etat”.

He pointed the finger at one of Germany’s largest banks for the spike in Italian bond yields, which rose above 7 percent in November 2011, forcing him to step aside.

“Deutsche bank imposed a sell-off of all its Italian and Greek government bonds. American and international investors questioned the move,” he said. “Some assumed that the German bank had some specific information that nobody else had. It was a huge lie.”

His resignation led to the appointment of technocrat Mario Monti as Italian Prime Minister, but Berlusconi said Monti’s government had failed by pushing the economy into a worsening decline.

“The achievement of the technical government is clear,” he said, citing the sluggishness of economic indicators since his departure. “The figures speak for themselves.”

“We are broadly aware of the data: lower GDP, a public debt over 2,000 billion euro, unemployment shot up by more than 1 million, and youth unemployment at 36 percent,” Berlusconi said.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza