Silvio Berlusconi is back at it, causing Italian Prime Minister Mario Monti to announce he'd be stepping down after the passing of the 2013 budget and stability law. That could happen as early as this month, and even before Christmas according to Nomura, which in turn would lead to accelerated elections sometime between February and March. Political uncertainty and risk are back across the Eurozone, with yields on peripheral sovereign debt shooting up. Still, Il Cavaliere may not be making a full comeback, as the head of the center-left Partito Democratico (PD) Pier Luigi Bersani is expected to take the elections.
|