Italian President Pulls Out of Conference to Deal With Political Crisis

Italy’s president Giorgio Napolitano cancelled his attendance at a political conference on Thursday, because of a “disturbing” political development that required his attention, according to various media reports in Italy and the U.K.

Reacting to the growing political confusion over the state of the country’s fragile coalition government, Italy’s FTSE MiB index was trading down 1.8 percent and the yield on Italy’s benchmark 10-year bond rose more than 80 basis points to 4.46 percent.

“I would have participated in today’s conference if yesterday there had not been a sudden political development that is institutionally disturbing and which requires all my attention today,” Napolitano wrote in a note to the conference organizers, Reuters reported on Thursday.

via CNBC

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