Photo: AP/Andrew Medichini
Markets are down.US futures are down modestly.
Much of Europe is off hard.
Spain is down 1.7%.
Germany is off 0.5%.
France is off 0.6%.
And Italy… down 3%.
Bank stocks in Italy are down over 5%.
The big story of the weekend is the rising political chaos, although it’s arguably overblown. Mario Monti will resign after passing a budget, and Silvio Berlusconi will run. Berlusconi’s chances are considered to be tiny, but in a recovering financial state, any disruption hurts. Borrowing costs in Italy are jumping.
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