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Messy Italian Election Shakes World Markets
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The elections in Italy in Feb. 2013 show the centre left coalition headed by Pier Luigi Bersani with 29.6% of the votes in the lower house, the centre right coalition headed by Silvio Berlusconi with 29.2% of the votes, the Five Star Movement headed by Beppe Grillo with 25.6% of the votes, and the Civic Choice headed by Mario Monti with 10.6% of the vote. In the Senate the results show the centre left coalition with 31.6% of the vote, the centre right with 30.7%, the Five Star Movement with 23.8%, and Civic Choice with 9.1%. Election rules in Italy give the party with the highest number of votes for the lower house an automatic majority of 340 of 630 seats. The vote shows voter protest over austerity measures. This benefitted both the centre right and the Five Star Movement and hurt the Civic Choice centrist party of Mario Monti which implemented austerity measures in 2012. The centre left was affected by its role in coming to the aid of Monte de Paschi bank in Siena and failing to mount a strong campaign under Bersani. A majority in both houses is needed to provide a stable coalition government which opens the prospect of new elections. The Five Star Movement emerged as the largest single party. Its support comes from young people, internet based campaigning, and a rejection of the right and left parties from the old order in Italian politics, and offers a new dimension to Italy's political future.
The collapse of Italy's leading candidate for prime minister in April 2013- Pier Luigi Bersani
12/10/2012
Bersani's PD party leads with about 35% of the vote in polls before elections on Feb 24-25, 2013. A coalition government with centrist parties led by Mario Monti, whose support ranges from 10-14% is one of the possible scenarios. Austerity measures taken by the Monti government in 2012 have adversely affected its support. The business community in Italy and the EU countries support Monti, because of his credibility with financial markets and the need to keep Italy's borrowing costs low.
Grouped Articles
Italy Fails to Elect President
Wall Street Journal 04/19/2013
Italy Party Leader to Resign, Deepening Gridlock
Wall Street Journal 04/20/2013
Opposition Leader Rallies Italians in Protest After President Is Re-elected
New York Times 04/21/2013
Italian Prime Ministerâs Political Acrobatics
New York Times 04/28/2013
Italian Left Bolstered by Showing in Mayoral Races
Wall Street Journal 06/11/2013
Italy Front-Runner Vows Steady Hand
Wall Street Journal 12/10/2012
The Five Star Movement of Beppe Grillo in Italy
10/01/2012
Italy's new movement which is anti-euro has seen public support go up from 4% in 2011 to 20% in 2012 in opinion polls. This party formed around Grillo's anti-establishment views and corrupt politicians won the election in Parma with little funding. Part of the popularity comes from the austerity measures taken by prime minister Monti, whom he calls "rigor Monti." Grillo supports environmental issues and describes himself as moderately liberal, at the same time he tightly controls this movement. He says his movement is similar to the movement in France of Marie Le Pen which opposes austerity measures and membership in the eurozone.
Grouped Articles
Italy Fails to Elect President
Wall Street Journal 04/19/2013
Opposition Leader Rallies Italians in Protest After President Is Re-elected
New York Times 04/21/2013
Italian Left Bolstered by Showing in Mayoral Races
Wall Street Journal 06/11/2013
In Italy, a comedian getting the last laugh - The Washington Post
Washington Post 10/01/2012
Italyâs Political Scandals Rattle Public Trust
New York Times 10/17/2012
Italyâs Center-Left Heads for a Runoff in Leadership
New York Times 11/26/2012
Italy's austerity measures- 2011-2013
06/30/2011
Grouped Articles
Italy Urged to Resist a Relapse in Spending
Wall Street Journal 05/03/2013
How Righteousness Killed the World Economy
New York Times 10/12/2014
EU Won’t Reject French, Italian Budgets
Wall Street Journal 10/28/2014
New York Times 11/30/2014
Italian Government Advances Austerity Plan
New York Times 06/30/2011
Wall Street Journal 07/12/2011
The twin problems of lack of growth under austerity plans and overvalued currencies of Italy, Greece, Spain and Portugal
06/24/2011
The twin problems of lack of growth and overvalued currencies under the solutions of austerity plans without debt reduction and a single euro currency create impossible odds for a resolution of the eurozone financial crisis. Germany's insistence on tough austerity measures, European banks delaying restructuring of bad loans similar to the U.S. Brady plan, failure of politicians in Italy and Greece to take early action, and small steps by policymakers, are compounding the effects of the eurozone crisis.
Grouped Articles
German Election Overturns Political Order
Wall Street Journal 09/23/2013
New York Times 11/03/2013
Germany's Surplus Isn't the Problem
Wall Street Journal 11/11/2013
The 'Silent Austerity' in Banking
Wall Street Journal 01/21/2014
Italy Central Banker Is Open to 'Bad Bank'
Wall Street Journal 02/10/2014
Saying No to Austerity, Spain Unveils Tax Cuts
New York Times 06/20/2014
How the German role in the eurozone crisis is viewed inside Germany, in Greece, Spain, Italy and the rest of Europe
05/26/2010
German media/public opinion and media/public opinion in other eurozone countries.
Grouped Articles
Elites Flock to Anti-Euro Party, Alternative for Germany
New York Times 04/14/2013
Germany reaps rewards of entitlement cuts - The Washington Post
Washington Post 09/20/2011
Germans Love Europe â But Not the Euro
New York Times 10/11/2011
New York Times 05/26/2010
Luxembourg Foots a Big Piece of the Greek Tab
BusinessWeek 05/27/2010
Germany's Surplus Isn't the Problem
Wall Street Journal 11/11/2013
Mario Monti and the Feb. 24, 2013 general elections in Italy
01/11/2012
Grouped Articles
Italian Prime Ministerâs Political Acrobatics
New York Times 04/28/2013
Italy Leader, Monti, Tells Germany Austerity Isn't Enough
New York Times 01/11/2012
Monti Details His Game Plan for Election
Wall Street Journal 12/28/2012
Turmoil Returns to Europe Markets
Wall Street Journal 02/04/2013
Italy’s election: When cynics rule
Economist 02/22/2013
Italy’s election: Long after the party
Economist 02/22/2013
Italy, Spain and austerity measures- 2011-2013
08/08/2011
Analysts point to the austerity measures adopted by Italy and Spain much earlier than other countries in the eurozone. The risk now is cutting into muscle as growth for 2011 is expected to be below 1% in both countries. Italy say analysts is actually in surplus when the interest on debt is excluded.
Grouped Articles
Italy Urged to Resist a Relapse in Spending
Wall Street Journal 05/03/2013
Still Sputtering, Spain Turns Away From Cuts
Wall Street Journal 05/12/2013
German Election Overturns Political Order
Wall Street Journal 09/23/2013
New York Times 11/03/2013
Saying No to Austerity, Spain Unveils Tax Cuts
New York Times 06/20/2014
European Finance Ministers Support Investment Program
New York Times 09/14/2014
The focus on competitiveness by economists, credit ratings agencies, and European leaders as austerity measures alone won't work
02/05/2011
Mario Monti focusses on the need for investing in the economy in an interview with German newspaper Die Welt during a January 2011 visit to Berlin. S&P economists and Nobel winner Stiglitz also emphasize this after a downgrade of France's credit rating- the need for improved competitiveness for the economies of France, Spain Portugal and Italy.
Grouped Articles
New York Times 09/25/2011
Wall Street Journal 05/29/2013
The Next First (and Only) 100 Days
New York Times 12/10/2011
A Proud Nation Ponders How to Halt Its Slow Decline
New York Times 08/24/2013
After a Recession in Portugal, the Tiny Green Fruits of Success
New York Times 08/28/2013
France Says It Will Miss Budget Deficit Targets
Wall Street Journal 09/12/2013
Italy- politics and government 2010-2015
12/13/2010
Grouped Articles
Italy Fails to Elect President
Wall Street Journal 04/19/2013
Wall Street Journal 04/22/2013
Dealing a Blow to Berlusconi, an Italian Senate Panel Recommends His Expulsion
New York Times 10/04/2013
Italy Senate Committee Votes in Favor of Ousting Berlusconi
Wall Street Journal 10/06/2013
New York Times 10/26/2013
Italian Prime Minister to Resign, Clearing Path for Renzi
Wall Street Journal 02/14/2014
Italy- government debt, credit ratings, and borrowing costs 2010-2013
05/14/2010
Italy's borrowing costs went up to 5.7% a week after the July 22, 2011 eurozone debt deal for Greece.
Grouped Articles
Return of Long-Term Bond Buyers Seen as Crucial to Europe
New York Times 06/29/2012
Italian Vote Turns in Bonds' Favor
Wall Street Journal 04/23/2013
Italy Urged to Resist a Relapse in Spending
Wall Street Journal 05/03/2013
Wall Street Journal 05/14/2010
Europe Bonds May Offer More Value
Wall Street Journal 08/23/2013
The Key to Italy's Rating Is Kept in Canada
Wall Street Journal 11/02/2013
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