European Union, Us and Congress discussed on The Money Hour Radio

Automatic TRANSCRIPT

Of the co host mike peer shell why is italy why did italy earlier this week rattled the stock market on tuesday of this last week global markets went into a major sell off his concerns mounted from the onslaught of negative political headlines coming from italy italy which could serve as a referendum on italy's future as a member of the european union which is what a lot of this was about over the weekend efforts to form a functioning government in italy collapsed i for just a little bit of background for listening audience at doesn't always follow the international politics in march during the last italian general election to what we call auntie extablishment parties five star movement and the other one was called the league received the highest number of votes that caused concern that if these two parties were able to form a functioning government they might ultimately choose something that britain minister further stoking fears of a quick totally referendum in italy other parts of their government have to approve some nominations just like we do here in the us you know some of the nominations have to be approved by the congress and the president of italy has to approve cabinet members of the president of italy last weekend the president of italy vetoed the finance minister appointment which in turn cynthia negotiations to form a government into a tailspin i notice a lot of stuff they're out there folks but just trying to give you a quick background it's now likely the italian parliament will vote no confidence this week and national elections will be called which means this antiestablishment group could have a shot of coming to power which means we may be looking at leaving the european union but like the name of their this group here the five star movement created name mike always gets five star tips that's right i've star so if the league in the five star movement gain more power from another general election the process prospects of italy leaving the european union will increase and that's major because italy is the third largest economy in the eu and an exit with royal the entire eu and the concern to the global economy

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