Italy: Same Political Circus, Better EconomyBy
Italian politics is still the best show in Europe. On Oct. 9, Prime Minister Romano Prodi resigned when a vital constituent in his center-left coalition, the left-wing Reconstructed Communism Party (RC), refused to back his 1998 budget. But in days, Prodi cut a deal with RC leader Fausto Bertinotti, whose rejection of the tight budget sparked such turmoil that he had to capitulate. By Oct. 16, Prodi was back in power with the budget's 25 trillion lire ($14.4 billion) in deficit cuts unscathed--and a first-round entry into Europe's single currency, the euro, all but cemented.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- Everything Is Crazy and the Markets Aren’t Freaking Out
- Billionaire Tom Barrack Throws Harvey Weinstein a Lifeline
- Facebook Is Looking for Employees With National Security Clearances
- London House Prices Fall Most Since Financial Crisis
- Kushners’ Control of Family’s NYC Crown Jewel Is Now in Jeopardy