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Markets fear hung parliament in Italy

February 26, 2013

Financial markets fear a hung parliament after inconclusive election in Italy. In a four-way race, pre-election favorite Pier Luigi Bersani won the lower house with 29.54%, while Silvio Berlusconi’s right coalition got 29.18% and won a blocking mino-rity in the Senate. The former premier already called for a recount. The “five star” movement of comedian Beppe Grillo surprised with winning more than 25% support. The election result may lead President Giorgio Napolitano to install an interim government as the prelude to another vote. An Italian government requires a majority in both houses. Bersani signaled he may seek an alliance with Grillo, who has rejected such overtures, but no formal steps can be taken until a new parliament convenes March 15.