Italy update

The Head of Telecom Italia has resigned, now that the company is believed to be Spanish. The head of Intesa, Italy’s largest bank, has resigned. The finance Minister Fabrizio Saccomanni has threatened to resign.

The Ministers of Berlusconi’s PdL party have resigned from the Government.

Several senior members of PdL have resigned from the party over the resignation of the others.

Beppe Grillo says he will resign if an election brings back the centre left PD and the centre right PdL but several of his deputies are threatening to resign in order to maintain those two parties in power.

The markets are selling Italian debt.

Prime Minister Enrico Letta will offer himself for a vote of confidence on Wednesday and we shall see what happens.

The last time Italy had a government run by the head of the largest elected party was November 2011. His name was Berlusconi. Angela Merkel got rid of him; perhaps she has some ideas now.

But it will sort itself out. Life goes on as normal.

Remember that the word ‘fiasco’ is Italian.