Wall Street Responds To Italy’s Vote: “Anti-Establishment Forces Are On Fire”
by Tyler Durden
ZeroHedge.com
Mon, 03/05/2018
Just like in the recent elections in Germany and Austria, Italy’s anti-establishment groups Five Star Movement and the Northern League surged – or “are on fire” as Barclays put it – in Sunday’s election as voters punished the mainstream parties for years of economic decline, rising taxes and a wave of immigration, casting doubt over the country’s future political direction.
While final results are still due, preliminary results released by Italy’s interior ministry show the center-right coalition winning about 37% of the parliamentary vote & the 5-Star Movement getting about 31%, with the center-left coalition far behind with 23%, prompting former Prime Minister, PD’s Matteo Renzi, to announce his resignation as party leader. Negotiations to form govt will likely be long & fraught.
According to some pundits, the vote outcome was the worst possible, and the resulting hung parliament will lead to “prolonged deadlock and eventual snap polls” resulting in policy paralysis and protracted uncertainty, i.e., “The Ugly (II)” outcome laid out below.
The Rest…HERE
