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Investors spooked by Italy’s election stalemate
Question of the Day
Italy's stock market took a nosedive after election polls put a comedian's protest party ahead, and voting ended with no clear winner in parliament.
"The winner is: Ingovernability," blared one headline of a Rome newspaper, after Italy's elections ended in seeming stalemate, Reuters reported.
Comedian Beppe Grillo, who heads the protest party, 5-Star Movement, was the biggest winner. He took home 25 percent of the vote — more than any other single party, Reuters said. It's unclear whether the majority in parliament will be center-right, in line with former prime minister Silvio Berlusconi's political views, or center-left, to match contender Pier Luigi Bersani's ideology, Reuters reports.
The markets aren't happy. Not only did stocks drop, but the costs of borrowing for the nation rose, Reuters said.
Prime Minister Mario Monti, who has been pushing unpopular austerity measures, called an emergency meeting with the governor of the central bank, the economy minister and with the European affairs minister, Reuters report.
Other governments are similarly uneasy. German Chancellor Angela Merkel expressed disappointment and pushed for Mr. Monti to continue with austerity. France's finance minister, meanwhile, called the unsettled election and uncertain governing alliance a "worry," Reuters reported.
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About the Author
Cheryl Chumley is a continuous news writer for The Washington Times. Previously, she was part of the start-up team for The Washington Times’ digital aggregation product, Times247. She’s also a 2008-2009 Robert Novak journalism fellow with The Phillips Foundation. She can be reached at firstname.lastname@example.org.
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