Sunday, 9 December 2012

Italian Political Earthquake Damage: Will President Napolitano Step Down Early Too?

The President of Italy, Giorgio Napolitano, has  stated repeatedly that  he does not wish to be the person who invites the post-election party leader, whoever he may be, to form an administration in the new legislature.  The President's term of office is drawing to a close and he will not stand again.

After Prime Minister Monti's resignation we are expecting now to go to the polls in mid February, not in April.  Italy must expect President Napolitano, too, to leave office early and not in May 2013.

Tomorrow's market reactions to  Berlusconi's resurgence, after the Democratic Party's leadership primaries installed an old communist as the PD candidate for prime minister, may well be much more severe than the fall of Monti's government alone creates.


Jeff Wood said...

The Italian Press seem to be deciding that Silvio Berlusconi is the big news.

So does the president on the European "Parliament": he called Berlusconi a "menace" today.

I recall that Berlusconi was removed in a coup about a year ago, just a few days after musing in public that the Euro was not necessarily the best currency for Italy.

An understatement I think, and I am certain this thought was the cause of his removal. Silvio has serious, perhaps fatal demerits, but he is right about the Euro.

Aye, weel, interesting times.

hatfield girl said...

Must agree, Jeff, musing against the interests of the euro does seem to set off wider than national reactions. But Berlusconi has enormous funds at his disposal, not so much using his own fortune but the years of shaping institutional funnels to pour public cash into his party coffers (just as has the Labour party in the UK). Also he has Russia willing to back him.

Unlike the very poor 'Democratic' party, which is now wholly dependent upon trade union funding, and upon the votes of the extreme left and the old PCI. Comrade Bersani (who now calls hinself 'progressive') may claim a united party but unfortunately he's lost half his party's electorate in the process of imposing unity.

Spread at 356. Milan minus almost 3.