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

ZeroHedge reports Italian Banks, Bonds Crash As Di Maio Calls For Protests Against "The 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.