Cleveland berlusconi

Abandoned kids. Jamie Chung. Bomb cyclone. Alec Baldwin. James Michael Tyler. Top News. Topics George Bush Romano Prodi. Latest Headlines. The acquittal was upheld by the Supreme Court. Berlusconi's political career has been dogged by legal battles.

After a conviction for tax fraud in , he was temporarily barred from office. That ban has long expired, however, and his name is sometimes touted as a possible candidate for head of state when a new president is chosen early next year.

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If a so-called "haircut" can hit Greek investors, some fear those holding Italian bonds could also see losses if Italy doesn't get its act together. In the meantime, Berlusconi is not yet out -- and there is considerable uncertainty of what kind of government will follow. While Berlusconi is not running for office again, he plans to remain active as the founder of his political party and would help out in any political campaigns. The year-old Berlusconi wants new elections soon with his hand-picked successor, former justice minister Angelino Alfano, as a candidate.

At 41, Alfano represents a new generation of center-right politicians after 17 years of Berlusconi leadership. But D'Alimonte said Berlusconi would still be pulling the strings. Alfano as the candidate, but he will direct the orchestra. Alfano will be the first violin," D'Alimonte said.

European officials find themselves in a quandary as they try to come up with an effective backstop for indebted countries. But economists have doubts whether either method will work. The European Central Bank thus remains the only available outside firewall available against Italy's rising yields.

It has been buying government bonds in the secondary market, which drives down borrowing costs for Italy. But the bank has warned the program is only temporary. New ECB president Mario Draghi -- himself an Italian -- said last week it was "pointless" for European governments to expect outside help to drive down interest rates and the only solution was for them to reform their own finances.

Before his appointment, some had feared that having an Italian at the helm of the ECB would make the bank too lenient on debt-strapped countries. Analysts have speculated the ECB may be deliberately limiting its bond purchases to keep the pressure on Italy to push ahead with economic reforms. Note to readers: if you purchase something through one of our affiliate links we may earn a commission. All rights reserved About Us. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local.

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