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Forex Flash: Italian centre-left secures presidency of both houses - Nomura

FXstreet.com (Barcelona) - Nomura economists Silvio Peruzzo and Jacques Cailloux note that following the presidency developments, focus now shifts to attempts to form an actual government.

They begin by noting that on Saturday, the new Italian parliament elected the presidents of the upper and lower houses, a necessary institutional step for legislation to begin. They see that this will now allow the president to begin consultation with parliament to form a government and eventually assign a mandate to a possible future prime minister, at this point most likely Pier Luigi Bersani, although other options cannot be ruled out.

They note that while Bersani has succeeded in positioning people from his coalition in the presidential seats in both houses, an achievement he will likely use as an argument to convince President Giorgio Napolitano he can form a government, the vote indicates that risks of new elections is increasing further, in our opinion.

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