Giorgio Napolitano Re-elected as Italian President

With the current political environment in Italy with no party having the majority to create a new government, the re-election of Napolitano is good news as it hints at some stability. The flip side of this new term for 87 year old Napolitano is the unceirtanty of his ability to bring the three political parties on the same page as he so far has failed to convince them that cooperation is best for Italy.

Italy’s parliamentarians re-elected Giorgio Napolitano to the role of president over the weekend, but while it was a step in the right direction, analysts said a snap election couldn’t be ruled out.

The 87-year-old Napolitano, who had previously ruled out serving another term as president, accepted the role again after he emerged as the consensus choice among Italy’s fractured political parties.

It took six rounds of voting by the 1007 parliamentarians and regional representatives to settle the election, after a number of candidates failed to find support in early rounds.

Italy’s borrowing costs fell on Monday, yields on its on its ten-year benchmark bond fell 12 basis points to 4.1 percent.

Italy’s president has a largely symbolic role and true power rests with the prime minister. However, the president’s role has taken on more importance as Italy has been effectively leaderless since inconclusive elections in February failed to give any political leader a mandate to become the next prime minister.

via CNBC

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