The Italian Government Owes Over $100 Billion To Private Suppliers

Tyler Durden’s pictureSubmitted by Tyler Durden on 07/27/2014 18:12 -0400

Much has been said in the popular press about Italy’s surprising economic recovery (which based on recent data is starting to lose steam), as well as its much improved fiscal picture (even if the country’s public debt hits record highs quarter after quarter and the bad debt within its banking system just rose by 24% from the prior year, to €169 billion the highest since 1998). Little has been said about just how Italy managed to pull this economic miracle off. The answer: robbing private suppliers to pay Paul, or rather, the public sector.

According to Reuters, the Italian state owes some 75 billion euros ($102 billion)to private suppliers, as reported by the Bank of Italy. The unpaid bills have starved companies of cash and triggered layoffs, factory closures and bankruptcies.

Italy will settle the debt arrears it owes to private sector suppliers by the end of this year, Economy Minister Pier Carlo Padoan said in a newspaper interview on Sunday, pushing back previous commitments. “We will ensure that the arrears are paid off by the end of the year,” Padoan told Corriere della Sera daily.

That’s funny, because back in March, PM Renzi promised all debt would be paid back by, well, right now. One week later, he said September. We look forward to September to learn that not only will the debt not be paid back by the end of the year, but the total amount of money due to the private sector from the government has in fact, growtn.

Remember when they said Italy is undergoing an unprecedented economic recovery? They lied:

The government is finding it hard to tackle the problem because of public finance constraints, inefficiency, uncertainty over exactly how much is owed and a reluctance on the part of some public bodies to acknowledge their debts.

In June, the European Commission opened a formal infringement procedure against Italy because of its failure to comply with the Late Payments Directive, which orders governments to reduce payment delays to no more than 60 days.

Well, yes: if one starves the private sector to pretend that the public one is doing ok, that works. For a few months. Then everyone remembers that aside from the Europe’s epic ECB-sponsored Ponzi scheme where bond yields no longer reflect anything at all, a properly functioning economy starts always and only from the private sector. Sadly, in this case it is the cancer that is Italy’s corrupt government that will certainly be the reason for what is already shaping up as a triple dip recession. We give it 6-9 months.

The Farce Is Complete: Joe Biden’s Son Joins Board Of Largest Ukraine Gas Producer

Submitted by Tyler Durden on 05/13/2014 09:34 -0400

The farce is complete…

Burisma Holdings, Ukraine’s largest private gas producer, has expanded its Board of Directors by bringing on Mr. R Hunter Biden as a new director.

 

R. Hunter Biden will be in charge of the Holdings’ legal unit and will provide support for the Company among international organizations. On his new appointment, he commented: “Burisma’s track record of innovations and industry leadership in the field of natural gas means that it can be a strong driver of a strong economy in Ukraine. As a new member of the Board, I believe that my assistance in consulting the Company on matters of transparency, corporate governance and responsibility, international expansion and other priorities will contribute to the economy and benefit the people of Ukraine.”

The Chairman of the Board of Directors of Burisma Holdings, Mr. Alan Apter, noted: “The company’s strategy is aimed at the strongest concentration of professional staff and the introduction of best corporate practices, and we’re delighted that Mr. Biden is joining us to help us achieve these goals.”

R. Hunter Biden is a counsel to Boies, Schiller & Flexner LLP, a national law firm based in New York, USA, which served in cases including “Bush vs. Gore”, and “U.S. vs. Microsoft”. He is one of the co-founders and a managing partner of the investment advisory company Rosemont Seneca Partners, as well as chairman of the board of Rosemont Seneca Advisors. He is an Adjunct Professor at Georgetown University’s Masters Program in the School of Foreign Service.

Mr. Biden has experience in public service and foreign policy. He is a director for the U.S. Global Leadership Coalition, The Center for National Policy, and the Chairman’s Advisory Board for the National Democratic Institute. Having served as a Senior Vice President at MBNA bank, former U.S. President Bill Clinton appointed him an Executive Director of E-Commerce Policy Coordination under Secretary of Commerce William Daley. Mr. Biden served as Honorary Co-Chair of the 2008 Obama-Biden Inaugural Committee.

Mr. Biden is a member of the bar in the State of Connecticut, and the District of Columbia, the U.S. Supreme Court, and the Court of Federal Claims. He received a Bachelor’s degree from Georgetown University, and a J.D. from Yale Law School.

R. Hunter Biden is also a well-known public figure. He is chairman of the Board of the World Food Programme U.S.A., together with the world’s largest humanitarian organization, the United Nations World Food Programme. In this capacity he offers assistance to the poor in developing countries, fighting hunger and poverty, and helping to provide food and education to 300 million malnourished children around the world.

Company Background:
Burisma Holdings is a privately owned oil and gas company with assets in Ukraine and operating in the energy market since 2002. To date, the company holds a portfolio with permits to develop fields in the Dnieper-Donets, the Carpathian and the Azov-Kuban basins. In 2013, the daily gas production grew steadily and at year-end amounted to 11.6 thousand BOE (barrels of oil equivalent – incl. gas, condensate and crude oil), or 1.8 million m3 of natural gas. The company sells these volumes in the domestic market through traders, as well as directly to final consumers.

 

http://www.bbc.com/news/business-28244140

You would have to mention the gap. I’m getting a bridge made. 🙂

Hey, PRO.  I shot half my age yesterday, 36, on the back nine. Don’t ask me about the front nine.  🙂

The only t.a I have right now consists of 2 words;

gap fill.

Maybe to my detriment but I dont see how we get a clean run without filling them.

BC signs energy agreement with China

They’re going to have to send some REALLY BIG arm breaker guys!

seems to be a plus for our pm’s. A little anyway.

Maybe we’ll experience the good ol’ days of 2000-03′ I can dream.

Hague court orders Russia to pay over $50 billion in Yukos case

(Reuters) – The Hague’s arbitration court ruled on Monday that Russia must pay a group of shareholders in oil giant Yukos $51.6 billion for expropriating its assets, a big hit for a country teetering on the brink of recession.

The arbitration panel in the Netherlands said it had awarded shareholders in the GML group just under half of their $114 billion claim, going some way to covering the money they lost when the Kremlin seized Yukos, once controlled by Mikhail Khodorkovsky.

“The award is a slam dunk. It is for $50 billion, and that cannot be disputed,” said Tim Osborne, director of GML. “It’s now a question of enforcing it.”

more http://www.reuters.com/article/2014/07/28/us-russia-yukos-idUSKBN0FW0TP20140728

“her own private baggage car for shoes”

LOL Now who could that be? 🙂

Beautiful pic maya!

The Rocky Mountaineer crawls over the Cheakamus river
in British Columbia.  We’re headed to Vancouver to pick up some gal who says she needs her own private baggage car for shoes.
http://www.railpictures.net/viewphoto.php?id=490675

Santa Fe Gold Announces Updated Resource Estimate for the Summit Mine

http://finance.yahoo.com/news/santa-fe-gold-announces-updated-123000228.html

Kaminak Commences Feasibility Study at Coffee Gold Project

http://finance.yahoo.com/news/kaminak-commences-feasibility-study-coffee-123000921.html

Just for the sake of information, I want to mention that poster’s paradise has transformed into an all TA site. This divergence in various goldbug sites is a good thing imo. Variety, yah know, better than Cialis. 🙂

MM – thanks for the comeback. Seems likely your Padres catcher Diego picked up ze plane. Your third scenario with Lindsay and McScream of course is the scariest of all in which case ya gotta wonder about the target and timeframe.

Pass the popcorn.

Finally, with Wanka’s help of a temporary password, I am in. As usual, I probably will lurk more than post. Very involved in a move coming up 8/8/14 back to MO from Il.

A wonderful job was done to set up the new site. If it was to ever fold, I would be lost without it. Many thanks to the men that set up the new site.

Well, we still wait for the rise of gold and silver. It seems most, in my reading calling for at least 2300 to 2500, hitting that peak in 2016, even in 2017. I disagree. Too many things going on worldwide. I look for gold to be at 2000, no later than the 1st four months of 2015. The cetral bankers can enter that date in their book, now.

leuko

Malayasian Air is a useful tool for the Zbig/Kissenger/Cheney NWO because they convicted said for war crimes.

Now if MH370 wasn’t a rogue pilot (ditched in the Indian Ocean) or a Freescale Op, my third scenario is the catcher for the Padres, Diego Garcia.

Being that another MH 777 with an awful lot of other coincidental combinations of 7 tried to ellicit another hot war like the Syria gassing a year ago…

I Gata go with your standard national nutbars Lindsey, McCain and their coach Dick on a Nukes of Hazzard flown on the wings of MH 370.

That about tie up your sorry asses.

Neck’s getting a bit sore, could ya slack the chain BG?