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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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