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Markets  |  February 26, 2013 08:17:00

Electoral stalemate in Italy commanded EUR / USD to retreat


iPoint.cz Yesterday Italian elections resulted in a political stalemate, which as storms hit financial markets and the euro weakened sharply. Pier Luigi Bersani and his center-left bloc dominated, while the House, however, can not govern, because he failed to win a majority in the Senate. Bersanimu for control of the lower house and just enough for a narrow victory, thanks to premium which the winner gains through electoral law. Automatically gets 340 of 630 seats. The center-left bloc in elections to the lower house narrowly defeated Berlusconi's party, winning 29.5 percent and 29.1 percent of Berlusconi.

With a politically split Senate will be almost impossible to complete the economic reform and vote to some important laws. The center-left bloc in the Senate to reach 31.6 per cent to 113 seats from the 315th If the merged party Marie Monti (9.1 percent), won 18 seats would also. Together, this alliance had 131 seats. To gain a Senate majority is required to have 158 seats. Berlusconi camp won 116 seats.

The greatest success, however, may celebrate the comedian Beppe Grillo and his movement 5 stars. He is the only candidate without a coalition and so his movement became the strongest political party in Italy, winning a quarter of the votes in the parliament.

Absolutely fell in elections former Prime Minister Mario Monti.In comparison with the strengthening Grill and 5 stars is seen that the Italians have already fed austerity programs, so additional efforts on investigating new government will probably be taken with much resistance. What government eventually arise from the election results remains unclear. Is not excluded that we will see new options. Europe, it is clear that the country needs to continue implementing austerity measures to cut more than 120 percent debt to GDP and to restore the competitiveness of the economy. On Tuesday and Wednesday will be the auction of Italian bonds, which will likely result in an increase in bond yields.

Eurodollars panic yesterday when he struck the upper limit of the channel and the rapid pace accelerated to 1.3020 Reviews Support. It is possible that the market will now want to slightly correct its losses yesterday, but today's outlook remains negative.

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