Showing posts with label votes. Show all posts
Showing posts with label votes. Show all posts

Friday, April 19, 2013

Italy Presidential Election Still Deadlocked; Political Posturing in Perspective

The seven-year term of president Giorgio Napolitano is up in May. The Italian parliament has the task of voting for the next president. However, parliament is so splintered  that no suitable candidate has surfaced.

The first three rounds of voting require a two-thirds majority. In the first round of voting, Pier Luigi Bersani, the left party leader struck a deal with Mr Berlusconi to support Franco Marini, an 80-year-old former Christian Democrat trade unionist.


However, in a secret ballot vote shocking to Bersani, about 200 center-left politicians voted against the deal as did Beppe Grillo’s Five star movement.


The second round vote also failed as did the third given no candidate can come to a two-thirds majority.


The 4th round of votes only requires a simple majority. For that vote the center-left abandoned Marini in favor of former prime minister Romano Prodi.


The rally around Prodi attempt may gather in some center-left votes, but Berlusconi wants nothing to do with Prodi. He was willing to back Marini in belief that Marini would shield him from prosecution, but will not back Prodi.


The Financial Times reports …

Mr Berlusconi’s People of Liberty attacked Mr Prodi head-on and declared that it would consider backing the candidacy of interior minister Anna Maria Cancellieri, who has been nominated by the small centrist party led by caretaker prime minister Mario Monti.

Mr Monti gave a press conference in parliament to make a strong endorsement of Ms Cancellieri, who would become Italy’s first female president.


“She is not a representative of the old politics, nor of politics in general and is not a member of any party. She is a servant of the state, independent and authoritative,” said Mr Monti, who would have been a leading candidate for the presidency himself had it not been for his decision to shed the neutrality of a technocrat and launch his own party, which polled only 8 per cent in February’s elections.


Mr Monti, a former European commissioner, praised Mr Prodi – his former colleague as European Commission president – but said at this moment Italy needed a figure who would unite not divide the parties.


On paper Mr Prodi has 495 votes if the Democrats and the allied Left Ecology and Freedom party remain united. That leaves him needing just nine more to gain the absolute majority he needs in the fourth round, when the requirement of a two-thirds majority expires.


Mr Bersani spent several fruitless weeks seeking support for a minority government from the anti-establishment Five Star Movement, the third largest force in parliament, and must now be hoping that he can persuade a handful to help him break the deadlock over the presidency.


Beppe Grillo, the activist leader of the movement, has told Mr Bersani to give up, describing him as a “dead man talking”. The movement, which stunned the establishment by winning a quarter of the popular vote in February, is backing Stefano Rodota, a leftwing academic and lawyer, as its candidate for president.


Grillo’s Rise


Bloomberg fills in a few more details in Bersani Coalition Fractures

Bersani was deserted by allies on the first ballot as Franco Marini, the candidate he backed with Berlusconi forces received 521 of 1,007 possible votes, less than the necessary two-thirds majority. With no path to a Marini victory, both the Democratic Party and Berlusconi’s forces cast blank ballots on the second vote.

Marini garnered 521 votes in the first vote, more than twice that of Stefano Rodota, the candidate of Beppe Grillo’s Five Star Movement. More than 400 lawmakers cast blank ballots in the second vote.


The Democratic Party and Berlusconi’s People of Liberty, or PDL, were thrown together by the emergence of Grillo, an ex- comic and anti-corruption crusader who won a blocking minority in the February elections. Five Star, which refused to support Bersani’s bid for the premiership last month, campaigned against political scandals and says its aim is to sweep established lawmakers from power.


Grillo is gaining support from Bersani’s group. Rodota, a professor and former lawmaker with a forerunner party of the PD, is getting the votes of Bersani ally Nichi Vendola and some dissenting PD members.


Berlusconi is appealing convictions in wire-tapping and tax fraud cases. He is also standing trial accused of paying a minor for sex and abusing the powers of his office. He has denied all the charges.


Political Posturing in Perspective


The office of power is that of prime minister. The office of president is largely symbolic except perhaps to Berlusconi who seeks to avoid prosecution with a pro-Berlusconi president in place.


And even if the parties could agree on a president, and they will eventually, the politics are such that new elections will be held because barring a miracle, no coalition can possibly form now.


Bersani failed miserably. He will soon be gone. The center-left will rally around Florence mayor Matteo Renzi. But to what end?


It is conceivable that new elections result in yet another deadlock. It is also conceivable Berlusconi’s party will be back in power.


Whatever the result of the next election, any coalition that forms will not be stable. Support from Grillo’s Five-Star Movement may be necessary to form a new government and Grillo seems unwilling to give it.


Mike “Mish” Shedlock
http://globaleconomicanalysis.blogspot.com


Mish’s Global Economic Trend Analysis




Italy Presidential Election Still Deadlocked; Political Posturing in Perspective

Merkel Needs Opposition Party Votes to Pass Cyprus Bailout

Germany approved the Cyprus bailout on Thursday as expected. However, Merkel required votes from the SPD and Green Party, to do so.

One might not understand the implications when reading the Wall Street Journal report Germany Approves Cyprus Bailout.

Germany’s parliament on Thursday voted in favor of aid for troubled Cyprus by a large majority, giving Chancellor Angela Merkel’s euro-crisis policies broad backing in the face of opposition criticism ahead of fall elections.

Despite a federal election in Germany just five months away, the ruling coalition led by Ms. Merkel succeeded in convincing coalition lawmakers and the main opposition parties—the Social Democrats and Greens—that the negotiated deal serves German interests, and a rejection would rattle the euro zone and lead to a Cypriot bankruptcy.


“Germany got what it wanted from the bailout,” said Christian Schulz, senior economist at Berenberg Bank.



What vs. How


Merkel may have gotten “what” she wanted. I rather doubt she got it “how” she wanted. Reader Bernd from Germany explains …


“The falling apart of CDU/ CSU and FDP coalition is beginning to show in all seriousness now. If Bundestag needs to vote one more time before the federal elections (i.e. on Slovenia, Spain, France), the Government might not make it.”


Mike “Mish” Shedlock
http://globaleconomicanalysis.blogspot.com


Mish’s Global Economic Trend Analysis




Merkel Needs Opposition Party Votes to Pass Cyprus Bailout

Sunday, February 24, 2013

UPDATE 1-Cyprus votes for president as clock ticks on bailout deal

Sun Feb 24, 2013 1:02am EST

* Vote pits markets-backed candidate against anti-austerity opponent

* Cyprus ravaged by worst crisis in four decades

* New leader needs to hammer out urgently needed aid deal

By Michele Kambas

NICOSIA, Feb 24 (Reuters) – Cypriots started voting in a runoff on Sunday to elect a president who must clinch a bailout deal for the island nation to avoid a financial meltdown that would revive the euro zone crisis.

Conservative leader Nicos Anastasiades, who favours hammering out a quick deal with foreign lenders, is favoured to win against Communist-backed rival Stavros Malas, who is more wary of the austerity terms accompanying any rescue.

Financial markets are hoping for an Anastasiades victory that speeds up a joint rescue by the European Union and International Monetary Fund before the island runs out of cash and derails fragile confidence returning to the euro zone.

The 66-year-old lawyer took more than 45 percent of the vote in last Sunday’s first round, easily beating Malas who took 27 percent.

The winner takes the reins of a nation ravaged by its worst economic crisis in four decades, with unemployment at a record high of 15 percent. Pay cuts and tax hikes in preparation for a bailout have further soured the normally sunny national mood.

Newspaper headlines reflected the grim outlook, warning of an uphill climb for the new president. One described it as walking towards “Calvary”, the location where, according to Christian scripture, Jesus Christ was crucified.

“He will be plunged straight into the deep end, and failure is not an option,” the Simerini daily wrote. Phileleftheros, another daily, said: “Its a long road ahead, and insight and vision is needed.”

Like candidates, newspapers also called on people to vote. Fewer voters were expected to show up at the polls than on Feb. 17 after the third-placed candidate refused to back either contender in the runoff, boosting Anastasiades’s chances.

“Whatever happens in this vote, the day after is going to be very difficult for Cyprus,” said Demetris Charalambous, a 56-year-old convenience store owner. “People are really depressed. Business is bad, we are at risk of shutting down.”

Prospects for a quick bailout that revives the sinking Cypriot economy – which the EU says will shrink a worse than expected 3.5 percent this year – have been equally grim.

Talks to rescue Nicosia have dragged on eight months since it first sought help, after a Greek sovereign debt restructuring saddled its banks with losses. It is expected to need up to 17 billion euros in aid – worth the size of its entire economy.

Virtually all rescue options – from a bailout loan to a debt writedown or slapping losses on bank depositors – are proving unfeasible because they push Cypriot debt up to unmanageable levels or risk hurting investor sentiment elsewhere in the bloc.

German misgivings about the nation’s commitment to fighting money laundering and strong financial ties with Russia have further complicated the negotiations.

END UNCERTAINTY

Longstanding anger over the island’s 40-year-old division into the Greek-speaking south and Turkish north has been relegated to a distant second as an election issue this year, with both candidates vying to portray himself as the right man to lead the country out of its financial quagmire.

“We must end the uncertainty and give Cyprus back its lost international credibility and its prestige in Europe,” Anastasiades said as he ended his campaign.

A heavy smoker known for his no-nonsense style, Anastasiades is widely respected but suffered political humiliation nine years ago when he supported a United Nations blueprint to reunify the island that was later rejected by the public.

He has suggested the island may even need a bridge loan to tide it over until a rescue is nailed down.

His younger rival Malas is handicapped by the support of the incumbent Communists who are perceived as having mismanaged the economic crisis and a munitions blast in 2011.

Still, he is expected to get a boost from his pledges to drive a hard bargain with lenders and anti-austerity rhetoric that resonates with many Cypriots struggling to make ends meet.

“I want to see someone worthy win, who will cut out cronyism and be decisive about the problems we have,” said George Nearchou, 58, an unemployed electrician.

“I am however very worried about austerity, people are very angry. I see a popular uprising.”


Reuters: Bonds News


UPDATE 1-Cyprus votes for president as clock ticks on bailout deal

Sunday, February 17, 2013

Ecuador votes for president, Correa seen winning new term

Sat Feb 16, 2013 11:59pm EST

* Heavy state spending makes incumbent popular among poor

* Fractured opposition fielding seven candidates

* Correa win would boost Latin American leftist bloc

By Brian Ellsworth

QUITO, Feb 17 (Reuters) – Ecuadoreans vote for president on Sunday in a ballot expected to hand incumbent Rafael Correa a new term to advance his socialist agenda of heavy government spending and expansion of state power that critics slam as creeping authoritarianism.

Generous state outlays to expand access to healthcare, pave decrepit roads and build new schools have given the combative economist a strong base among the South American nation’s poor.

Victory for Correa would cheer the leftist ALBA bloc of Latin American and Caribbean nations at a time when the group’s indisputable leader, Venezuelan President Hugo Chavez, is struggling to recover from cancer.

Polls show Correa leading his closest rival by more than 35 percentage points.

Critics say Correa he is a despot who tolerates no dissent and is intent on amassing power. But the opposition’s inability to unite behind a single candidate – seven opposition candidates are running – has helped give Correa a comfortable lead.

Former banker Guillermo Lasso is Correa’s nearest rival in the polls, but surveys show him commanding only between 9 and 15 percent of the vote.

The Ecuadorean leader has built up an image of nationalist man-of-the-people through theatrical confrontation with oil companies and Wall Street investors.

POLITICAL STABILITY

The only Ecuadorean president in the past 20 years to complete a full term in office, he is admired for bringing political stability to a nation where leaders had been frequently toppled by violent street protests or military coups.

“We’re done with the opportunists, they would take power and snatch up all the money and forget about their promises,” Jorge Pazmino, 65, who upholsters vehicles, said on Thursday at Correa’s final campaign rally in a working-class southern Quito neighborhood.

“Now we finally have a president who is getting things done. There’s just nobody else to vote for,” Pazmino added.

Pazmino said it was easier to get medical attention thanks to an overhaul of the social security system and credits the president with forcing employers to respect labor laws.

The Perfiles de Opinion polling firm recently showed Correa with 62 percent support. To avoid a second round, he needs to win at least 50 percent of the vote or 40 percent with a lead of 10 percentage points over the second-placed candidate.

Correa, 49, has ruled since 2007. In a new four-year term, he would face the challenge of securing financing after a 2008 debt default and wooing investors to boost oil output and kick-start the mining industry.

Opposition leaders call Correa a dictator in the making who is quashing free speech through hostile confrontation with media and squelching free enterprise through heavy taxation and constant regulatory changes.

Lasso has called Correa’s “Citizens’ Revolution” a fast food menu of unsuccessful economic policies copied from Ecuador’s era of military rulers and leftist governments like Venezuela’s Chavez.

“He’ll have to explain how this development model is revolutionary if it’s a copy of the dictatorship of the 1970s and depends on high prices for oil that is mortgaged to China in exchange for loans,” Lasso said on Thursday at his final rally.

YOUTHFUL ENERGY

Correa has spent weeks on the campaign trail, from indigenous villages of the Andean highlands to urban slums in the bustling port city of Guayaquil, singing and dancing to play up an image of youthful energy.

An avid cyclist, Correa filmed one campaign spot showing him changing out of a sharp suit into biking clothes and then riding his bike over mountain peaks and past tropical fishing villages to show the improvement of roads under his leadership.

Even some Correa supporters acknowledge they find him brash and domineering. Sharp-tempered and quick to pick fights, he has remained in almost constant conflict with opposition media and on several occasions sued critical reporters and newspapers.

He also put himself on a collision course with the United States last year by letting WikiLeaks’ founder Julian Assange take refuge at Ecuador’s embassy in London and later offering the former computer hacker asylum.

Opposition leaders say the key to his longevity has been revamping state institutions to suit his needs and placing allies in key posts. In 2011, he called a referendum on a justice system overhaul, bypassing a hostile Congress in a move critics say boosted his control over the courts.

Correa has relied heavily on financing from China after a 2008 default on $ 3.2 billion in bonds left the country locked out of foreign credit markets. Lasso promises to cut taxes and spur entrepreneurship if he wins.

Other opposition candidates include banana magnate and five-time presidential candidate Alvaro Noboa, and former President Lucio Gutierrez, who was ousted in a 2005 coup.

Ecuadoreans also vote for a new legislature on Sunday, through the results are not expected to be in for several days. The Alianza Pais party also hopes to win more than 50 percent of the seats, up from around 42 percent now.

Investors will be watching Correa’s new term for signs he is willing to compromise to bring in investment needed to raise stagnant oil production, boost the promising but still nascent mining sector, and expand power generation.

A major test will come this year in negotiations with Canada’s Kinross to develop a large gold deposit.


Reuters: Bonds News


Ecuador votes for president, Correa seen winning new term