Monday, March 7, 2011

Body Produces Too Much Blood

Italy niche shares Gaddafi. "We expect Europe

Prudence, said Friday the same Silvio Berlusconi, left, and Max. But the hypothesis of a freezing of shares in Italian companies Gaddafi becomes more concrete. "Italy will adhere to all types and categories of sanctions decided by the UN and the EU," said Franco Frattini yesterday, including those "on the shares."

The words of Minister Foreign from Istanbul are clear. Italy is ready to freeze the package of more than 3 billion that the Libyan sovereign wealth funds hold shares through Unicredit in Italy (7.5%), Finmeccanica (2%), Eni (1%), Juventus (7.5% ). But no action will be taken individually by our country. For now, therefore, everything remains as is. So far, in fact, Frattini said, "Sanctions on Libya about people, not entities." The point is the same one on which he had already talked to the prime minister Friday. "We need to distinguish good," said Berlusconi, "the participation of Libya in the Libyan people and interests that are relevant to a family instead."

And the same seems to be the land on which it is moving the Financial Security Committee, which met yesterday morning at Via XX Settembre. "Check the correct application in Italy of the sanctions decided by the EU" is the theme on the agenda of the summit chaired by the Director General of the Treasury, Vittorio Grilli. In particular, the objective body consisting of representatives of the Ministries of Economy, Interior, Justice, Foreign Affairs, as well as Bank of Italy, Consob and ISVAP, is to assess the faithful application of the decision taken by ' EU 'on February 28 and made operational in our country with Regulation 204 of the March 2 last year, which shows the names of persons for whom the freezing of funds and economic resources owned, held or controlled. " In other words, the Committee's mandate would be to verify that any property which refer directly to members of the Gaddafi family and a handful of loyalists (in all the blacklist is 26 names) are not in the availability of Saddam.
It is clear that the problem is something else. They know well in Britain, where without much thought have entered the Libyan Investment Authority (LIA), Libyan sovereign wealth fund of the state, in subjects directly controlled by the colonel and frozen so they held 3.27% in the group Pearson, which publishes the Financial Times. Lia, needless to say, is the same fund, together with the Libyan Central Bank, controls all the shares held in Italy.

The issue is not to be taken lightly. Freeze the shares would not only block the voting rights at shareholders' meetings, but also the dividends, a few weeks from such charges. An action which, if implemented, along with all the precautions possible, the risk of alerting the huge investments made in our country by other sovereign funds. On the other hand, excessive caution could expose us to international criticism. Yesterday, a long article in the New York Times pointed out that Italy, unlike other, "It is retained by the freeze any assets ', saying' wait a coordinated response by the EU." Of this, mainly, is working on the committee. To ensure that it is very clear Italy's willingness to act quickly, but only after the approval of European official. Task of the next few days will in fact "to ensure constant monitoring of the situation and provide immediate and effective implementation of any new decisions of the EU." Decisions that could get to the next EU Council of Foreign Affairs, scheduled for March 21, or in a special formal meeting that may take place even earlier.

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