Italian PM fights for survival

|By:, SA News Editor

Italian Prime Minister Enrico Letta could be ousted today at a televised meeting of the leadership of his center-left Democratic Party (PD).

Letta is trying to fight off the challenge of Matteo Renzi, the 39-year-old mayor of Florence who became the head of the PD in December.

Renzi has accused Letta of a lack of action amid sky high unemployment and an economy that is stuck in dire straits.

The renewed political turmoil has sent the FTSE MIB index 1.1% lower, while 10-year government bonds are +3 bps at 3.767%.