This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Italy Tries Again To Get Rivals To Form Government

Failing to form a government would further delay sorely needed economic and political reforms in a country where widespread corruption discourages investment, recession has devastated the job market and Italians are fed up with ever-higher taxes as the price for surviving the eurozone-debt crisis.

Letta, 46, a veteran lawmaker highly regarded by Italy's politically influential pro-Vatican centrists, needs to secure wide and reliable support in Parliament for an agenda that would balance measures for both austerity and growth.

Meanwhile, Berlusconi, who has been premier three times, is intent on furthering his political comeback while protecting his business interests and himself in various criminal trials.

Roberto Maroni, a Berlusconi ally, said his Northern League forces won't join the government. He told reporters that Letta was "neither optimistic nor pessimistic" about his prospects to form a government.

Letta is very "aware that if its attempt fails, we go to early elections," Maroni said.

It was with Letta's meeting with lawmakers from the anti-establishment, grassroots 5 Star Movement, which made a stunningly successful first foray into national politics, that the premier-designate acknowledged uncertainty about his ability to form a coalition.

Parliament's third-largest bloc, the movement, led by comic-turned-political agitator Beppe Grillo, won't join a government, but might support Letta on some measures.

Letta's publicly squabbling party splintered after it won control of the Chamber of Deputies, but not of the Senate. Not only must the premier-designate form a government, he must stop his own party's implosion to ensure its lawmakers will close ranks on the government's reform platform.

Democratic Party chief Pier Luigi Bersani resigned last week after back-to-back humiliating failures. Although his party was the largest vote-getter in February's election, he failed to line up a coalition government after President Giorgio Napolitano asked him to try to do so. Next, traitors in his own party sabotaged his high-profile choice, Romano Prodi, a former European Commission president, to succeed Napolitano, whose term in office was expiring.

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs