Italian President Sergio Mattarella refused to seat a eurosceptic finance minister and as a direct result, the coalition between the Five Star movement and Lega collapsed.
As noted in my last article, this started Constitutional Crisis in Italy
A brief rally on news the coalition collapsed was short-lived. Yield on the Italian 10-year bond soared from 2.35% to 2.69%, a whopping 34 basis points. Italian bank shared collapsed.
Arrogance of Institutions
Five Star leader Luigi Di Maio addressed the Italian nation on a live Facebook feed this afternoon calling for them to mobilize against the institution represented by President Mattarella and demanding a new election as soon as possible.