22 April 2013

ITALY : 24 April UPDATE: Letta Likely To Be PM;ANALYSIS: Is Napolitano Re-Election The End Of Gridlock? Milano Market Rises 1.7%.

              NEW LINK
     Just re-elected anciano President Georgio Napolitano has selected new left center party leader Enrico Letta as the possible next PM.
     Letta, 46...is tasked with forming a coalition government.
     He replaced Pier Luigi Bersani...who resigned as Democratic Party leader.
     Letta is the nephew of conservative Silvio Berlusconi's longtime chief of staff.
     Napolitano had toyed with the idea of naming young fiery Florence Mayor Matteo Renzi...but slippery Silvio vetoed that idea.
    Renzi wants to rid parliament of PMs who have sat there for decades.
    He claimed that 'a veto by Berlusconi is a actually a good sign for the future.'

        The re-election of a reluctant soon to be 88-year-old Georgio Napolitano as President for 7 more years was forged by the center left and right...to avoid another election.
     The decision was blasted by Beppe Grillo...the leader of the surging 5-Star Movement leader...whose party was expected to win even more seats in a new election.
     It now controls about 25% of the lower house.
     Napolitano is the first to serve 2 consecutive terms as president...and he won more power...including calling for a snap election.
     He can approve an interim government...that will begin to reforms demanded by the Troika...and expected by the markets.
     Nearly 75% of Italians say they are appalled by the 2 month-long deadlock.
     Investors cheered and sent the Italian market and its bonds up 1.7%.
     But observers say the real winner was slippery disgraced 3-time ex-PM Silvio Berlusconi.