Why Italy’s Political Turmoil Is Causing Financial Angst Elsewhere

What do Italy’s politicians say?

The Democratic Party, the biggest loser in the last elections, has never questioned belonging to the eurozone.

Silvio Berlusconi, the former prime minister and center-right politician who still wields major political influence, has delivered a mixed message.

But his off-again-on-again partner in the center-right bloc, Matteo Salvini, has campaigned for years against a single currency and is known to wear shirts printed with “Basta Euro” — “Enough with the Euro.” His party, the League, has called for a vast overhaul of the treaties that regulate eurozone membership.

Why Italy’s Political Turmoil Is Causing Financial Angst Elsewhere
Why Italy’s Political Turmoil Is Causing Financial Angst Elsewhere

For years, the Five Star Movement promulgated euro-skepticism, and initially promised a nonbinding referendum on the euro. That stance softened when it became clear that many investors feared a euro exit. On Monday, the party’s leader, Luigi Di Maio, said his party had never supported leaving the euro. Still, the party wants Italy to have more sovereignty in economic choices.

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