Bunga Bunga Parties On While S&P and Germany Slash Italy’s Credit

Bunga Bunga Parties! Silvio Berlusconi, Italy’s Prime Minister and international class act, must feel like he’s on the wrong end of a Bunga Bunga party this morning following Standard & Poor’s downgrade of Italy.

While Berlusconi’s well-documented revels with prostitutes – known as Bunga Bunga Parties – have made international headlines this year, the Italian economy, the 3rd largest in Europe, has spiraled further down the drain. Berlusconi has dismissed the downgrade, but not his country’s deficit to gross domestic product ratio, which exceeds 120%.

In an effort to avoid a bailout of the 3rd largest European economy, the European Central Bank has spent billions buying up Italian government bonds in order to lower their borrowing costs. But Standard & Poor’s downgrade of Italian debt could lead to higher borrowing costs due to the greater risks facing investors.

Bunga Bunga Parties : Merkel Allegedly Not Invited

The European Central Bank has taken a hard line with Italy to rein in spending at the behest of its primary backer – Germany, which is famous for its bratwursts, bailouts, and adversity to inflation. German Prime Minister Angela Merkel’s name will continue to stay off the Bunga Bunga Parites’ invitation list as Berlusconi was caught on wiretaps earlier this year referring to Merkel as an “unf*ckable fat-ass.”

Following the European Central Bank’s demands, Italy’s Parliament gave final approval last week to a series of austerity measures including higher taxes, pension reforms, and spending cuts, which sparked street protests in Rome. Berlusconi said the austerity measures will reduce Italy’s deficit by more than 54 billion euros over three years.

Bunga Bunga Parties : 17 Year Old Belly Dancer

Currently, the 74-year-old escort enthusiast is awaiting trial next year regarding allegations that he paid for sex with a 17-year-old belly dancer – Karima El Mahroug – and 32 other women. El Mahroug was younger than the legal age of prostitution at the time.

Berlusconi is also accused of using his position to secure El Mahroug’s release after she was arrested for theft last May by telling Milan police that she was related to the then Egyptian President Hosni Mubarak. Berlusconi has denied any wrongdoing. Any wrongdoing at the Bunga Bunga Parties – well, we don’t know about that.