The Italian crisis deteriorated fast: ex-PM Silvio Berlusconi pulled his ministers out of the coalition government led by Enrico Letta, leaving it hanging in the air. With political parties blaming each other for the cause to the crisis, the ball returns to the court of president Giorgio Napolitano, who is trying to negotiate a new government and avoiding fresh elections.
Italy is the euro-zone’s third largest economy. EUR/USD could certainly open lower with a Sunday gap after this development.
Italy did not manage to pass new economic measures on Friday, and the government collapsed on Saturday, but PM Letta says the reason is not the economic differences, but rather Berlusconi’s personal status.
The Italian crisis was on the back burner for quite a while, and now it is on the front page, trying to take away the spotlight from the potential US government shutdown.
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