Italian President Sergio Mattarella just blew up the European Union. His refusal of the coalition agreement between The League and Five Star Movement threw the best chance for the EU to face its burgeoning political crisis before it became a full-blown sovereign debt crisis.
With U.S. and U.K. markets closed today the full force of the damage done by the EU’s Hail Mary to prevent the Italians forming a government to their specification is actually muted. Things like this always happen on a weekend where the powers that be have enough time to figure out a messaging game plan and reassure markets they’ve got everything under control.
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