Understand why the political crisis in Italy has explosive potential for the global economy
Populist leaders in the country complain to the government that the president is forming and that he has rejected their nomination for the economy.
Italian President Sergio Mattarella rejected the name suggested by the populists for the Ministry of Economy and sparked a political crisisReutersItaly is embroiled in a power struggle between Eurosceptic populists - winners of the March elections - and pro-European Union politicians.It took weeks of negotiations for a populist coalition to form, but the president, Sergio Mattarella, vetoed it controversially and the situation returned to square one.Now the country faces an interim government - not yet sworn in - before setting out for new elections.What makes this a crisis?Italy's economy - the third largest in the euro zone - has been anemic for years.The European Union and global markets are watching this nervously.The euro area debt crisis in 2010-2011 has been patched but not resolved.Mattarella's rejection of the populist choice for the Ministry of Economy - by the name of Paolo Savona - exposed tensions over the euro.The 81-year-old economist nominated for the post ...
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