Global market tensions ease as Italy backs reforms

Italy was pitched into chaos Monday night after early election results suggested that the former prime minister Silvio Berlusconi had surged back on to the political scene in a triumph that could enable him to undermine or even block a new government. The two houses of parliament were split between the billionaire tycoon’s conservative coalition and the centre-left Democratic Party, led by Pier Luigi Bersani, a 61-year-old former Communist and the son of a mechanic.

Italian lawmakers were set to give the nod Saturday to a reform package aimed at staving off bankruptcy, as Greece got to work on its own economic makeover after a week of eurozone debt trauma.Italy's lower house of parliament was to meet from 1130 GMT to give final approval for the reforms already agreed by the senate -- paving the way for Prime Minister Silvio Berlusconi's resignation and the formation of a new government.

Italian lawmakers were set to give the nod Saturday to a reform package aimed at staving off bankruptcy, as Greece got to work on its own economic makeover after a week of eurozone debt trauma.Italy's lower house of parliament was to meet from 1130 GMT to give final approval for the reforms already agreed by the senate -- paving the way for Prime Minister Silvio Berlusconi's resignation and the formation of a new government.

Italian lawmakers were set to give the nod Saturday to a reform package aimed at staving off bankruptcy, as Greece got to work on its own economic makeover after a week of eurozone debt trauma.Italy's lower house of parliament was to meet from 1130 GMT to give final approval for the reforms already agreed by the senate -- paving the way for Prime Minister Silvio Berlusconi's resignation and the formation of a new government.

Italian lawmakers were set to give the nod Saturday to a reform package aimed at staving off bankruptcy, as Greece got to work on its own economic makeover after a week of eurozone debt trauma.Italy's lower house of parliament was to meet from 1130 GMT to give final approval for the reforms already agreed by the senate -- paving the way for Prime Minister Silvio Berlusconi's resignation and the formation of a new government.

Reader Lorenzo sent a link where one can watch Italian Election Results (actual vote totals, not exit poll predictions). Click on "Camera" to see Chamber results (lower house of parliament). Click on "Senato" to see Senate results (upper house of parliament). As of this time, Results look like this Chamber Bersani 34% Grillo 27% Berlusconi 24% Monti 9% Senate

It is no secret that one of the main reasons why Italy's former PM, and resurgent soon to be member of government, Silvio Berlusconi, is so adamant to be in parliament, is simply to obtain the immunity he would need to stay out of prison as a result of countless lawsuits which he has valiantly fought, and lost.

Once again the stock market is cheering something that is supposed to happen in the future, much like the monstrous month long EFSF bailout rally, with terms sill not set. Remarkably, three billion euros of EFSF bonds have been sold on unknown terms.