Italy

Ferdinando Giugliano

Situation vacant? Mario Monti (Getty)

There were two big job vacancies in Rome last month. The Catholic Church began looking for a new pope after the shock resignation of Benedict XVI. Meanwhile, Italians went about the business of picking a new head of government who would end Mario Monti’s technocratic interlude.

The Vatican is not exactly known for its speedy decision-making. Yet it only took the conclave of cardinals a couple of days to elect Jorge Mario Bergoglio as the new head of the church. Pope Francis – as he is now – is already making headlines with his new message centred on the need for a humbler and more austere church.

On the other side of the Tiber, Italian politicians are still struggling to choose a new prime minister. Today and tomorrow, President Giorgio Napolitano is meeting party leaders and other institutional figures to talk about what to do next. But Italy-watchers do not expect white smoke to come out of the presidential palace any time soon.

Last month’s inconclusive elections have produced a three-way deadlock in the Senate between Pier Luigi Bersani’s centre-left coalition, Silvio Berlusconi’s centre-right alliance, and Beppe Grillo’s Five Star Movement. The only solution to the impasse is a government that is backed by at least two of these forces. But this trilemma has no easy solution. Read more

Ferdinando Giugliano

When Cardinal Jorge Mario Bergoglio decided he would be called Francis in his new life as Pope, he knew people would understand that his choice was charged with symbolism.

As some of the cardinals present at the conclave have confirmed, the new pontiff’s choice is in honour of St Francis of Assisi, who lived and preached in Italy between the end of the 12th and beginning of the 13th century. Francis was the son of a wealthy merchant who abandoned his well-off lifestyle to live in poverty. The monastic order he set up, the “Lesser Friars” (who became known as Franciscans after his death), has absolute poverty as a rule. This applies both individually and to the monastic communities.

St Francis is one of the most venerated figures in the Catholic world thanks to his mysticism and rectitude. Yet no pope had ever dared to pick his name. This is in sharp contrast to the number of times Gregory (16), Leo (13) and Pius (12) have been chosen. Read more

By Gideon Rachman

Some months ago, I was discussing the euro crisis with a high-ranking US diplomat. “It’s back to the 1930s, isn’t it?” said my companion with a mixture of gloom and relish. “The extremists are on the rise.”

Instability rules in Italy
Italian national elections have ended in chaos and the voters’ message is that they are tired of austerity and the political elite. The country faces a hung parliament after votes were split between a former comedian, an ex-prime minister who faces corruption charges, and the centre-left, who won narrowly in the lower house. Mario Monti, the technocratic prime minister who was appointed 15 months ago, came a distant fourth place. In this podcast, Guy Dinmore, Rome correspondent, Peter Spiegel, Brussels bureau chief, and Ferdinando Giugliano, leader writer, join world news editor Shawn Donnan to discuss the unfolding drama, which could take weeks to resolve.

Esther Bintliff

(AFP/Getty)

(AFP/Getty Images)

Beppe Grillo, the big winner of Italy’s 2013 election, first rose to fame in the 1970s as an irreverent, foul-mouthed comedian with corruption of all kinds in his sights. Read more

Valentina Romei

Two interesting trends that have shown up in the data from Italy’s election today.

1) The preliminary election results among the nearly 3.5 million Italian voters living abroad show a very different picture from the results within Italy.

chart created by Valentina Romei

The austerity measures and market-friendly stance of the ex-Prime Minister Mario Monti managed to convinced over 27 per cent of the votes of Italians living in Europe and in North and Central America, where his movement came in second after Pier Luigi Bersani’s Democratic Party (PD). Within Italy, fewer than one in ten Italians voted for him.

Meanwhile, the comedian-turned-political leader Beppe Grillo successfully won over Italians in the plazas where he held numerous rallies, but it appears that his anti-establishment message was not heard so sympathetically by Italians around the world. Read more

Italy ‘s parliamentary elections ended in political deadlock on Monday night with little hope of a clear majority. Join the FT as it covers the unfolding political and economic drama. By Lina Saigol.

 

Making sure the world gets the message – Graffiti on a wall in Livorno, Italy

Political deadlock and impending chaos, a rejection of EU-driven austerity, and market uncertainty are the main three themes in the media commentary on the Italian election that had yet to be declared on Tuesday morning.

“The reality is that Italy today is almost ungovernable,” writes Fabrizio Goria on Linkiesta, a news website. “And it will not take long for the markets to react.”

The headline in La Repubblica , the leading centre-left daily, doesn’t really need translating:

Italia ingovernabile: Senato spaccato, Grillo primo partito

“An ungovernable country,” concludes Massimo Razzi inside. “Politically, but also technically. With few ways out given the almost unworkable or numerically insufficient alliances.” Read more

Gideon Rachman

Mario Monti exits a voting booth on February 24 (AFP/Getty)

Mario Monti exits a voting booth on February 24 (AFP/Getty)

Paul Krugman has got in early to comment on the political demise of Mario Monti – who now seems certain to trail in fourth in the Italian elections. According to Krugman, Monti’s reputation for wisdom is wildly overblown. On the contrary, he more or less deserves his fate because he was “in effect, the proconsul installed by Germany.”

Worse, according to Krugman, Monti’s policies did not even work. As in the rest of southern Europe, the economy has shrunk and so debt-to-GDP ratios have risen. There was only one “piece of good news” in the Monti era – that “bond markets have calmed down.” However, Monti cannot claim the credit even for this, because it is “largely thanks to the stated willingness of the ECB to step in and buy government debt when necessary.”

As ever, with Krugman, the argument is forcefully made. But it misses out a crucial stage in the argument and therefore unfairly denigrates the role of Monti in stabilising the Italian economy. Remember, when Monti came to power, the steady rise in the interest rates that Italy was having to pay to finance its debt was eating up more and more of the Italian budget. There was a real prospect that Italy might simply be unable to finance itself through the bond markets – and that might have sparked a terminal crisis in the euroRead more

Tom Burgis

Italians cast their ballots in a tight election, with Brussels, Berlin and the markets looking on. By Tom Burgis, Lina Saigol, Ben Fenton and Shannon Bond with contributions from FT correspondents across Italy and beyond. All times are GMT.