Berlusconi Undersecretary Blames Stock Market Volatility On Cocaine

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Italian Prime Minister Silvio Berlusconi's Undersecretary, Carlo Giovanardi, said the Italian government is looking into the causes of recent stock market volatility. 

In the past, people have suggested that Italy's stock market is volatile because of the country's and its banks' contagion from the Eurozone crisis. In response, a new round of bank stress tests is expected to test banks' exposure to the crisis, and their survivability under worsening conditions.

Giovanardi has another explanation: drug test them for cocaine!

According to Bloomberg:

Carlo Giovanardi said the government will study if it’s feasible to conduct drug tests on stock- exchange traders, with the help of the Milan Bourse and the country’s market regulator. Giovanardi, who is in charge of family policy and drug prevention, said that the abuse of drugs including cocaine might explain part of recent stock volatility.

If you understand Italian, watch him suggest drug testing for cocaine below.  

Via Zerohedge

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Berlusconi Chooses Retirement Delays Instead Of Tax On Wealthy In New Austerity Plan

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A new austerity proposal in Italy provoked an outcry today, with popular criticism leveled from all sides.

The latest incarnation of Italian Prime Minister Silvio Berlusconi's newest austerity plan favors pension cuts and delays in the retirement age over an increase in taxes on the rich.

It also proposes a constitutional amendment that would do away with provincial governments.

Instead of a "solidarity tax" levied against citizens who earn more than $130,000 per year, these new cuts would prohibit workers from counting time spent in the military or in college in calculating their retirement ages. This could delay retirement -- particularly for professionals -- for years.

MPs -- whose number would also be cut by half in the deal -- would still have to pay the tax.

Experts cited by WSJ questioned the feasibility of this plan, as well as the likelihood that a stronger stance against tax evasion would make significant strides in reducing Italy's more $2.7 trillion public debt.

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