President Mattarella turned down the elected Government as (he said) I have to protect the Italy in Euro idea and I cannot allow that the markets will make lose Italian money and blow up the BTP/Bund spread.
This is really grave and it starts an Italian Constitutional crisis. As the pressure comes from Germany and the rating agency.
It is like Europe, the Euro and the financial institution are more important than the Italian vote.
Apart that is not technically democracy, it is not in the President power to establish if Italy has or has not to stay in Europe.
Really the elites pulled all the stops and did a white golpe.
For my Australian friends, it is like the Governor General would stop an elected Australian Government under pressure of the Queen and the rating agencies.
What happens next it should be a new election.
The elites will try to form a non-elected technical government (so not a party elected government, but someone that is an outsider…usually from the Bank of Italy of the IMF – partial to the elites). Already, as if it was already established, a potential technical has been called in – but it seem that the revolt within ranks was too strong.
If Italy foes to the election, it would be 9 September. And there is a good chance that M5Star and League could get so many votes that the win would be theirs anyway.
If this happens the European elites will have to tremble for real.
I am personally very upset.
investorpolitico 