fleetwoodmac1975

No I am not familiar with it. I need some lessons in foreign policy, I think a Brit would do a good job on that.

I am assuming you agree with the cold blooded murder of a head of state who does not follow imperialistic policies. Please enlighten us.

Capo Boi

'So if a foreign bank holds its italian bonds though a local custodian ? Or if a small retail bank from outside Italy uses a global custodian which in their turn sub deposits the bonds with a local one ?'

Exactly Hadenoughpizza. Well said. A huge percentage of BTP's held by Italian banks and investment funds are held by a global custodian. All BTP's rank pari parsi. A default on one bond would apply to every bond. Under their terms of issuance, domestic and international holders cannot be treated differently.

If in gioppino's scenario any attempt to favour domestic bondholders' over international holders, this would be illegal under international law and international holders would have a claim over domestic holders' payments. So in essence, default for one, default for all. Not remotely possible to discriminate.

isshin

Unfortunately, Italy will never be allowed to leave the euro and go back to devalued lira.
Germans need southerners to buy their cars, now more than never.

Pulaski

Quite right, we have owned 25% of the world, and invaded all but 22 countries at one time or another!
Sorry, you're not that important these days. The Germans are now much more interested in selling cars to Mexicans, Brazilians, and Chinese, than worrying too much about the cars sold in Italy.

fleetwoodmac1975

You are right on that. The problem is tough is that you still think you own the world

fleetwoodmac1975

Those pesky phosphorous bombs used by isreal in Gaza, they were Syrian after all lol

isshin

Maybe you need to refresh your memory about private wealth levels around the world.

Oh, and I didn't know that mexican peso and brazilian real could compete with euro.

fleetwoodmac1975

You know private wealth does not count when assessing Italy's economic status or indeed the economic health of those countries where most of the population lives off state handouts one way or the other...

Capo Boi

'You know private wealth does not count when assessing Italy's economic status or indeed the economic health of those countries where most of the population lives off state handouts one way or the other...'

?????

The weather is quite nice though. The food not bad. Pretty friendly people as well.

Pulaski

Mexico and Brazil are industrialising rapidly, and they have twice and three times respectively the population of Italy. China's record speaks for itself, and that it has 20 times the population of Italy. Those markets might not be as large as Italy's (though I suspect they actually are), but they are growing rapidly, whereas the Italian market, er, isn't. .... BTW You do know where Ferrari sells the largest part of its production runs these day, don't you?

Capo Boi

The U.S. is and has been Ferrari's largest market for many years with around 25% of sales. 2/3/4 UK, Germany, China. Currently in that order.

Pulaski

China should be higher because Hong Kong is listed separately, and add in Singapore, Japan and other SE Asia countries and they match sales in the US.

I hadn't realised how many more Ferraris were sold in the US than other countries. What a waste, it's like throwing pearls before swine.

Capo Boi

Despite everything, Italy is still a big market. Still in the top ten. Couple of years ago 4/5. Sales have actually been declining in China slightly more than overall sales decline. US and European market share has been increasing recently. They also do a nice line in tractors.

HADENOUGHPIZZA

And the Far East ? I thought they were big Ferrari fans and find of personalised paint jobs too ! Meanwhile Fiat shareholders are choosing their options on the merger with Chrysler and if it goes though the new shares will be issued on the US market .

isshin

China is going to be a huge problem for everyone, not just Italy (actually it's already a problem for Italy, especially in the textile).
Trying to make comparisons with any european country is like trying to compare merda col risotto, as we say in Italy.
Yes, Brasil with a population three times ours has a GDP slighty higher than ours, do you know what that means in terms of GDP per capita, don't you? By which time your average brazilian will be able to afford a Mercedes?
Today Greece has a higher GDP per capita than Brazil!
Mexico...are you serious?
Oh, and we all know why these countries are growing, don't we?
Years and years of corruption/nepotism/sexism/racism didn't prevent Italy from growing like the euro straightjacket is doing now

So, we are genetically unfit to follow rules and Americans are swines...I'm waiting for some nice epithet for French too!