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00:00INSTITUTE OF NATIONAL AFFAIRS DIRECTOR. THANK YOU. WHAT DOES THIS SHOW US? WE ARE SEEING THE EURO-SKEPTIC AND ANTI--IMMIGRATION PARTIES. > > YOU LOOK AT THIS AND IT IS NOT JUST ABOUT ITALY. THE SPECTRUM IS THE SPECTRUM THAT DIVIDES THE THE CLOSED AND THERE IS A LARGE MAJORITY, INCLUDING THE FIVE-STAR MOVEMENT ON THE CLOSED SIDE. ANTI-IMMIGRATION, ANTI-TRADE. THIS IS WINNING THE UPPER HAND. > > THE RECOVERY IS HERE IN ITALY AND THERE ARE PEOPLE ON THE STREETS THAT DO NOT FEEL LIKE THEY ' RE PART OF THIS. > > THIS TAKES TIME FOR PEOPLE TO TRICKLE DOWN AND IT IS RELATIVELY SLOW. PEOPLE ARE AS ANGRY TODAY AS THEY WERE. > > HOW DO YOU EXPLAIN THE ABYSMAL PARTICIPATION? > > THERE IS AN ELEMENT OF ANTIPATHY AND IT IS INCREDIBLE. IT IS ALMOST BEYOND WHAT HE SAYS OR DOES. HE HAS LOST HIS MOJO. THE DEMOCRATIC PARTY WOULD BE IN A BETTER PLACE TO BE THAT IT IS. > > THIS IS A NIGHTMARE AND, IF WE GET A HUNG PARLIAMENT, WHO WILL GET INTO A COALITION WITH WHO? WILL WE HAVE A NIGHTMARE SCENARIO? > > A POSSIBILITY OR EVEN A PROBABILITY. IT DEPENDS ON WHETHER HE MANEUVERS A WAY OF THE SITUATION AND THEY SUGGEST THAT WOULD BE AT RISK, IN TERMS OF PROGRAMS. GOING BACK TO THAT OPEN AND CLOSED DIVISION, -- > > IF WE GET A FIVE-STAR MOVEMENT GOVERNMENT, WHAT DOES IT LOOK LIKE FOR REFORMS? > > ON IMMIGRATION, COMPLETE CLOSURE AND THEY DON ' T THINK IT WOULD LAST VERY LONG. NOW, THE ENGINE IS READY TO RELAUNCH THE PROJECT AND MY FEAR IN ALL OF THIS IS THAT PEOPLE ARE GOING TO GET ANGRIER AND ANGRIER. > > WHAT DOES THIS MEAN FOR THE EURO? YOU HAVE THE EURO, BUT IT DIDN ' T SHOW UP IN THE PLATFORMS. WILL THIS REMAIN PART OF THIS? > > THIS IS A PRO-EUROPEAN COUNTRY AND THERE IS KINDS OF REFORMS THAT WILL BE PUT IN PLACE AND THEY WILL NOT BE IN THE PERCEIVED INTEREST AND MAY END UP FUELING FURTHER EURO SKEPTICISM. THERE IS A SILVER LINING AND WE NEED TO HAVE THESE PEOPLE AND GOVERNMENT TO REALIZE WHAT A MESS IT WOULD MAKE BECAUSE THE DANGER OF ALL OF THE ESTABLISHMENT AND THE NEXT TIME AROUND, THERE IS 49% OR 60%. > > THIS IS DEFICITS. THIS IS SOME OF THE ANTI-ESTABLISHMENT PARTIES. > > THERE IS A DISTINCTION TO BE MADE AND I THINK THEY WOULD NOT BE ABLE TO DO MUCH BECAUSE OF THE REAL DAMAGE THING DONE. HOW WILL THE MARKETS REACT? WILL THAT CREATE THE INDIRECT RISK? > > THANK YOU SO MUCH FOR JOINING US. THINGS ARE LOOKING PRETTY COOL. > > LET ' S SEE HOW THE BOND

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Results in Italy for Berlusconi, Renzi Disappoint

Italy’s anti-establishment groups surged in Sunday’s election as voters punished the mainstream parties for years of economic decline, rising taxes and a wave of immigration, casting doubt on the country’s future political direction. Instituto Affari Internazionali Director Nathalie Tocci speaks on "Bloomberg Daybreak: Europe." (Source: Bloomberg)

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