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Breakingviews: Italy’s problems will stay if Berlusconi goes

Thursday, Jul 18, 2013 - 03:42

July 18 - Silvio Berlusconi faces his final appeal for a tax-fraud case on July 30. But what will come after Berlusconi? The answer may be more of the same, says Breakingviews.

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On today's breaking these veterans -- might get it that -- these problems remain the same. And it stops as Mick Davis disastrous second two months. And what hot just like his breaking these economic Edison joins me now let's start with that extra costs us says the full of balls then looking at this new options. It is it's either this new mining fund or another and mini vehicle. Shouldn't -- is pac ten. Well. Mick Davis has a great reputation and it's probably fair to say if -- sized -- also. And we were looking at whether his former vehicle Xstrata was actually an economic success and it's a little hard to say because. The times are favorable and he made what was clearly -- very successful -- at least for awhile but metal prices. Mineral prices would rise. You are the answer is yes he. Deserve some credit they're total return for the shares even after the tumble on the need for an emergency rights issue. Was quite positive higher than any minor except for BHP Billiton BHP Billiton started out not with a ragtag group progress that's been the best assets and business. So we can make -- a good job. And we think. Investors looking at it should back him under certain conditions. It's interesting you say times have changed because indeed financing is -- Panel says this down what pressure on commodity is a lot easier to have a startup venture when prices are rising for the things are selling especially when you think prices are rising and are willing to pay up and your competitors are not. Com and the other issue is that there have been a lot of major acquisitions -- the assets around for a startup company to buy are probably less attractive. In -- less attractive environment nonetheless. I think -- is it's probably one of the great mining executives of his time I mean that's what at least Greta mining executive center. We think that as long as he's got some equity in the firm and the firmness is structured to allow him to use his management skills not just his investment skills. We think it could be a good deal. OK so that fixed -- see the big focus of breaking piece is well cool spell this Danny's appeal is coming up and it this month. What are the consequences. If he's found guilty. Well if he's found guilty and is suspended from parliament. The consequences are. Peter you're about thirty might think hey great news the worst thing in Italian politics is often seen the kinds will come to their senses. Vote for reasonable parties get a cross party consensus. And this populist interventionist billionaire with -- nasty notions will compete on. Not so fast. -- on Mac makes a point in his piece that effectively -- -- top Berlusconi because they couldn't get a political consensus. The Pollack of the parties both in the right and left seems paralyzed. And what's likely to happen if Berlusconi -- Is that first of all he won't go totally he'll be causing trouble. And secondly. The news divisions and in fighting and lack of strong consensus will remain a sleeve or at least there. Clout heavy cloud holding up holding back to Italy from the kind of reforms it needs to get stable growth and we build its industrial capacity -- basic -- -- change the way yes big change but no change. Thanks very much fat and web pats and the hot just from breaking piece. Full agenda assessing financial inside -- -- US breaking you shed every day at twelve that C east in seventeen that CBS T. I'm packaging along this is --

Breakingviews: Italy’s problems will stay if Berlusconi goes

Thursday, Jul 18, 2013 - 03:42

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