The spread is now 332 the yield 4.60 having reached 336 earlier this morning.
Matteo Renzi, the man who should be leading the Democratic party (he received 1,096,000 votes against the 1,706,000 of the man who was hoisted into the PD leadership by the communist apparatus dominant in the Party denying a vote to up to a million centrist and leftish voters) is administering our beautiful city but wholly ignored by the Party. Perhaps the crypto-communists should remember that they lost the last general election under the leadership of 'former' communist Walter Veltroni, and lost badly, to Silvio Berlusconi and the centre right.
That legislature is still sitting: it has lent its support to Mario Monti's government because the markets would no longer lend to Italy at bearable rates. But it has a centre right majority and if Monti loses a vote of confidence - at the moment the centre right is merely abstaining in the Lower House (it is abstaining in the Senate too but abstention there is counted as a vote against) - the President of Italy has little room for manoeuvre.
Napolitano can invite Senator Monti to try again for a vote of confidence in his administration; he can invite the leader of the majority party in the Parliament to form an administration, ie Silvio Berlusconi; he can end the legislature and a general election will be held. In truth he can delay a bit but he will eventually have to bring the legislature to a premature close and we will go to vote early next year.
How many million votes of the Centre and the anti-Berlusconi Right the Democratic party has so wilfully lost last week is difficult to estimate because the schiaffo [slap in the face, ed.] delivered to so many voters was two-handed: first the refusal of the vote to those who would not sign an intolerable declaration in favour of all the primary candidates; then the refusal of the vote at the second round to all who had not voted in the first. So voters were denied the right to vote for differing reasons in the two ballots. But one thing is certain: those denied a vote by the Party will not forgive or forget their treatment, often delivered personally and rudely at the polling stations. The communist comeuppance is arriving sooner than they wanted and too soon for any attempts to mend their fences. They haven't even begun trying yet - too busy saluting their 'victory' with further inappropriate hand gestures offensive to many of their once potential voters. A measure of the political and technical incapacity of their man is his announcement, off the cuff, in the media that he would introduce a regular tax on wealth. That an economic measure of such extensive effect upon an economy, any economy, should have been confirmed as a concession to extreme left populism without consultation, and with a demonstrated lack of understanding of its economic content, shocked more than the democratic denial that preceded it.
The Italian media are advancing diverse reasons for Berlusconi's return to the fray and reassertion of his authority over his parliamentary majority. The plain truth is that the Democratic Party has lost its internal battle for democracy and renewal of its policies and personnel and has lost the general election. Of course Berlusconi is back.
The euro is now falling steadily against the US dollar, the Pound and the Swiss franc .