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Mario Monti

Investors Worry About Italian Political Uncertainty

Investors shunned Italian government bonds and shares on Monday after Silvio Berlusconi pulled the rug from under Prime Minister Enrico Letta's frail coalition government by ordering five centre-right ministers to quit.Berlusconi's decision, which comes as the media tycoon is facing eviction from parliament after a tax fraud conviction, has left the euro zone's third-largest economy without a functioning government.Italy's political strife may ripple beyond the country's borders, particularly if new elections result. It leaves some investors hoping President Giorgio Napolitano's determination to seek a new, although scant, parliamentary majority may avert elections in the short-term."In our view, new elections are still unlikely this year, with the coalition government likely to gain the confidence vote this week," said Alberto Gallo, credit analyst at Royal Bank of Scotland."However, the government's ability to pass structural reforms and handle the crisis around Italy's corporates an...

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