Beppe Grillo, the leader of the 5-Star Movement that shocked the Italian political system has said he wants an online vote on Italy's membership of the Euro, in an interview with a German magazine published.
World stock markets and southern European government bonds sank on Tuesday on fears that political stalemate in Italy would leave its economic reforms in tatters and reignite the Euro zone's broader debt crisis.
Italy faced political deadlock on Tuesday after a stunning election that saw the anti-establishment 5-Star Movement of comic Beppe Grillo become the strongest party in the country and left no political group with a clear majority in parliament. The protest vote is also a clear signal of the failure of the EU-German sponsored austerity measures which were implemented by the government of the non-elected technocrat government of Mario Monti.
Comic Beppe Grillo, a political newcomer is sending shockwaves to the Italian political system ahead of national elections. Touring the country in a camper van and attracting tens of thousands to his rallies, Grillo has channeled the rage and frustration that Italians feel at the rampant waste and corruption of their political leaders.
Italian Prime Minister Mario Monti rowed back from comments suggesting that German Chancellor Angela Merkel had expressed opposition to his political rivals on the centre-left days before an election next week.
Italy's former Prime Minister Silvio Berlusconi announced his last great electoral and political battle with a sweeping promise to cut taxes and the cost of government if his centre-right wins elections this month.
Italy's Silvio Berlusconi on Tuesday set the tone for his election campaign saying nobody should care about bond spreads, and accused Mario Monti of being too German-centric.
Former Italian Prime Minister Silvio Berlusconi has been handed a jail sentence and barred from office after being found guilty of tax fraud. The Milan court sentenced him to four years but later cut it to one year because of an amnesty law.
Four members of the crew of an Italian liner are in hospital, including one who is fighting for his life, following an outbreak of bacterial meningitis. The four were admitted to hospital in the Tuscan port of Livorno on Sunday at the end of a cruise by MSC Orchestra liner. A 32-year-old Indonesian crew member is the most ill of the four.
Asian shares looked set for their biggest daily gain in nearly five weeks on Friday after the European Central Bank outlined its bond-buying scheme to help calm the Euro zone's debt crisis, while firm US data fed speculation of a strong jobs report later in the day.