Italy faces uncertain future after election upheaval
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The shockwaves of the Italian parliamentary elections, in which the biggest winner is a protest party led by a comedian, were felt by stockmarkets across Europe on Tuesday. Italian political analyst Vincent Scarpetta says there is little hope of Italy forming a stable, reform-oriented government.
The Italian stock exchanged closed five per cent down while 1.3 per cent was knocked off the FTSE 100 in Britain.
Over a quarter of the electorate voted for the Five Star Movement, led by comedian Beppe Grillo, in Sunday and Monday's poll.
Pier Luigi Bersani's left-wing alliance has the most seats but no majority and former prime minister Silvio Berlusconi's People of Freedom took 29.9 per cent of the vote.
This leaves the unpopular technocrat outgoing prime minister Mario Monti in charge of the eurozone's third largest economy until a coalition can be formed.
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