Published: 26 Feb 2013 15:57 GMT+01:00 | Print version
Updated: 26 Feb 2013 15:57 GMT+01:00
French Finance Minister Pierre Moscovici on Tuesday urged Italy to quickly form a solid government and said the country's election result does not threaten the eurozone. Following the poll the French stock market opened 2 percent down.
Italy should "quickly form a stable and strong government," Moscovici told AFP, adding that while the vote "creates problems" it "does not undermine progress in the eurozone."
"We must look at this situation calmly and wait for the conclusions that Italian politicians will draw from this complicated vote," he said.
The elections ended in a stalemate in parliament between right and left after a crunch vote in which the real winner appeared to be the new protest party, the Five Star Movement of former comic Beppe Grillo, which is calling for a referendum on Italy's membership of the euro.
The result has left Italy in a state of limbo with a hung parliament that is unprecedented in its post-war history and raised fears of fresh instability in the eurozone's third-largest economy.
Moscovici urged Italian politicians to work with centre-left Democratic Party leader Pier Luigi Bersani, whose coalition scraped a razor-thin victory in the lower house of parliament.
World markets were rattled following the result, with the Milan stock market plunging nearly five percent, but Moscovici said the results did not represent a threat.
"This does not undermine the fundamentals of Italy, which is a major economy, or of the eurozone," he said.
Meanwhile the Italian election result impacted on France’s stock market amid fears that the result will lead to a delay in much need economic reforms. Shares on the CAC 40 lost around 2 percent on Tuesday morning when news of the deadlock in the polls filtered through.
Yannick Noah believes that none of the current crop of French tennis players are capable of matching his exploit in winning the French Open 30 years ago. READ () »
IMF chief Christine Lagarde's future was at stake Friday as French prosecutors grilled her for a second day to decide if she should be charged over a state payout to a disgraced tycoon when she was finance minister. READ () »
A French anti-racism association is launching a mobile application it hopes will help eradicate racist graffiti by enabling users to take photos of offensive tags, geo-locate them and get them removed. READ () »
When it comes to fighting off the invasion of English words the French Resistance has had mixed fortunes over the years. Nevertheless the fight goes on. With the help of the Ministry of Culture here's a list of the latest English terms that French authorities want deported. READ () »
The streets of Paris are getting a reputation for being unsafe for tourists and this is a threat to business for the great brand names of French fashion, a top body representing the luxury industry warned on Friday. READ () »
Rights watchdog Amnesty International has filed its end of year report on French President François Hollande's record on tackling human rights issues. Its conclusion was: Could do better. READ () »
The dangerous craze of ‘train surfing', which has long been popular in Russia, came to France this week and ended in tragic circumstances. A young man who was reportedly riding the roof of a Paris Metro was killed when the train entered a tunnel. READ () »
The purchase of the famous upmarket French department store Printemps by investors from Qatar needs to be investigated by authorities for possible corruption, money laundering and tax fraud, unions demanded this week. READ () »
The proposal was labelled by critics as another example of France's Socialist government attacking the richest. But after a u-turn announced on Friday the plan to limit executive pay in the private sector will not now see the light of day. READ () »
It could easily be the script of a grisly horror movie. Police arrested a man in Nice this week, suspected of chopping up his 95-year-old grandmother. According to sources the suspect admitted to having eaten part of the body. READ () »