Italian Elections. They used to come around as frequently as Internazionale changed football managers but since the EU imposed an unelected accountant on the former democracy, in the form of Mario Monti, we have seen the mythical ‘Stability’ that so long Italy needed.
Stability, or rather austerity has not been good for the average Giovanni Sapone. In fact, as we have seen time and again (somebody tell our own government please) the more severe the austerity imposed the more severe the economic downturn results. So badly has Monti’s austerity affected the country that he is running 4th behind a comedian, Beppe Grillo in the polls.
For more on how austerity, EU style, is killing our countries read anything, anywhere outside the Irish mainstream media, for instance try Paul Krugman in the NYTimes
To follow the Italian election results live follow the Guardian’s minute-by-minute blog
*UPDATE* Polls have been spectacularly wrong in the past and it looks now as though, once again, predictions from earlier have been way off the mark. As Berlusconi’s team has now taken the upper hand in the Senate as Lombardy’s counts come in, it may be the case that a 10% deficit has been overturned in the lower house too. The Italian Stock Exchange which was 4% up on morning trade as Bersani’s party seemed to be heading for victory has tumbled to -0.5% on morning trade as Berlusconi’s party is storming up the polls.