Given Berlusconi’s “dazzling unfitness for office” (to quote Bloomberg, and echo the Economist’s 1994 assessment of the man), it is not too surprising that his promised resignation initially boosted the EUR, but not for long. Both Greece and Italy are likely to have “technocrats” for Prime Minister. Once initial volatility subsides, it can be hoped that this should lead to two or three months of relative calm, and improving financial markets. |
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But that is only if today’s panic can be brought under control. |
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