Berlusconi on ECB: 'I will call their bluff'

Berlusconi on ECB: 'I will call their bluff'

Rome (ANSA)- An Italian government source near the Head of Government Silvio Berlusconi says that in a private phone conversation she was told that from now on he would call the ECB bluff exposing the 'blackmail' over the Italian bonds issue. He says: 'I will do it very soon'. The unexpected unofficial position is supposed to cause a storm in the bond markets as Berlusconi pointed out that the ECB has no real alternative about the option of buying Italian bonds. 'If they refuse to buy our bonds - he added - we will exit the euro and regain our monetary sovereignty'. He explained that getting back to print a new Lira will show to other European countries the competitive advantage acquired when a country does not need anymore to loan money from shadow international bankers. 'Our citizens know very well what the banking seigniorage scam is all about' - he added. 'We just need another faux-pas from the ECB and I will go live on TV explaining to our people how the bond scam can end like it happened in Iceland...'.

The Italian Finance Minister Tremonti was unavailable for comment.

Aug 07, 2011

See also: Exclusive: ECB split over whether to buy Italy bonds: sources (Reuters)

The European Central Bank remains divided over whether to buy Italian government bonds but even some of those who favor the move say Italy should do more to front-load austerity measures, ECB sources said Saturday.

And also: A Defaulting Eurozone Country Can Print Euros