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November 09, 2011

Facebook Plays Role in Pending Departure of Silvio Berlusconi as Italian Prime Minister
By Ed Silverstein
TMCnet Contributor

Facebook (News - Alert) had a role to play in the pending departure of Italian Prime Minister Silvio Berlusconi.

For example, on Wednesday The Globe and Mail reported at least 443 visitors "liked" Berlusconi's exit interview with the La Stampa newspaper. It was posted on the prime minister’s Facebook page. Over 1,000 visitors left comments on the page.

Since there was an impact on financial markets from his Facebook statements, Deutsche Bank's Jim Reid recommends following “key players in the Eurozone debt crisis.”

“As markets stand completely at the whims of our political leaders/central bankers, maybe being Facebook friends with Berlusconi, Merkel, Sarkozy or perhaps Draghi is a more productive use of one’s time at the moment than trying to interpreting economic data or earnings releases,” according to a report from The Business Insider based on Reid’s comments. “You can bet that Berlusconi probably got a couple of new Facebook friends since yesterday.” Berlusconi's offer to resign also led to more robust stock markets performance in the United States.

Even though it was widely reported that Berlusconi will resign, The Los Angeles Times reports “not everyone was convinced that he will quit when the time comes.” It was just on Monday when Berlusconi denied he was about to resign, according to a story carried on TMCnet. “In a comment posted on his Facebook page on Monday, Berlusconi said rumors reported in the Italian media that he was close to quitting were ‘baseless,’” said the report on TMCnet.

To visit Berlusconi’s Facebook page, please click here.

Italy has been facing troubles from the Eurozone debt crisis, as the rate at which the government can borrow money, increased to 6.67 percent, TMCnet adds. The prime minister also has faced several sex scandals and there appears to be a growing lack of confidence in the government’s handling of economic and debt issues.

Ed Silverstein is a TMCnet contributor. To read more of his articles, please visit his columnist page.

Edited by Rich Steeves


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