Italy is in the middle of another existential political crisis -- and somehow, against all expectations, Silvio Berlusconi, the former prime minister, is at the center of it yet again. Forza Italia, Berlusconi’s party, forced last week the collapse of Italy’s left-right governing coalition if a legislative commission demands that Berlusconi relinquish his seat in parliament, thus forcing him to begin serving a one-year prison sentence for tax fraud. The latest bout of political instability hasn’t just triggered a standard round of name-calling among Italy’s political class; it has dramatically worsened the outlook of Italy’s already fragile economy, scaring off investors and bringing economic reform to a grinding halt. Milan’s stock exchange plunged 1.2 percent on Monday. Berlusconi seems more than willing to risk his country’s future to save his own neck, even if just temporarily.
Posted on: Sun, 06 Oct 2013 22:09:32 +0000
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