Berlusconi Tax Fraud Sentence Could Mean His Expulsion From Parliament

Italian center-right leader Silvio Berlusconi faces one of the heaviest blows of his 20-year political career on Wednesday when the Senate votes on stripping him of his seat in parliament over a conviction for tax fraud.

The vote will be the culmination of months of political wrangling and is almost certain to lead to Berlusconi’s expulsion from the upper house, opening an uncertain new phase for one of Italy’s most divisive political figures.

The 77-year-old media billionaire, who has dominated politics for two decades, has already pulled his party out of Prime Minister Enrico Letta’s ruling coalition after seven months in government, accusing left-wing opponents of mounting a “coup d’etat” to eliminate him.

The Senate is due to vote at around 7.00 p.m. (1800 GMT) to declare Berlusconi ineligible for parliament after he was convicted of masterminding a complex system of illegally inflated invoices to cut the tax bill for his Mediaset television empire.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza