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Euro Gains on Announcement Berlusconi to Quit After Austerity Plan Passes

Bloomberg - Nov 8, 2011

The euro advanced against the dollar after Italian President Giorgio Napolitano said Prime Minister Silvio Berlusconi agreed to resign after the parliament approves the country’s austerity plans.

The 17-nation currency earlier traded little changed after Berlusconi won a vote in parliament without an absolute majority, fueling calls for him to quit and concern about who will lead the nation out of its debt crisis. The yen appreciated to its strongest level against the dollar since Japan intervened Oct. 31 to stem its rise.

“From the market’s perspective, they would like to see a technocrat government because that is what most likely to please the troika and manage Italy through the next through few months,” said Greg Anderson, a senior currency strategist at Citigroup Inc. in New York. The troika comprises the European Union, European Central Bank and International Monetary Fund.

Read Full Article from Bloomberg

- Posted: 2011-11-08 14:39:12


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