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Berlusconi backtracks but will it be enough to save Italian government?

  • Facing rebellion in the ranks of his People of Freedom Party (PDL) over his withdrawal of support for the Italian ruling coalition, Silvio Berlusconi is prepared to back the government in a no-confidence motion tomorrow if Prime Minister Enrico Letta agrees to elections in November.
  • However, it's not certain whether Letta will agree to the conditions.
  • Italian markets are shrugging off the political crisis today, with the MIB +0.7% and Italian 10-year bond yields +1 bps to 4.58%.
  • ETFs - Stocks: EWI. Bonds: ITLT, ITLY
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