Comment
0
Tweet
0
Print
RSS Feeds

Italy stocks tumble amid political uncertainty

Monday - 8/26/2013, 9:20pm  ET

ROME (AP) -- Milan's stock exchange has closed sharply lower amid heightened concerns about a government crisis following Silvio Berlusconi's definitive conviction for tax fraud.

The benchmark FTSE MIB closed down 2.1 percent Monday, dragged in particular by a 6.25 percent fall in Berlusconi's Mediaset empire.

Italy has been gripped by weeks of political uncertainty and suggestions that early elections are near after the high court on Aug. 1 upheld Berlusconi's tax fraud conviction, four-year prison term and ban from public office.

Italy's Senate will soon decide whether not to confirm Berlusconi's ban from public office -- he's currently a senator -- a decision that could spark a government crisis.

Premier Enrico Letta said Sunday it would be "crazy" to make his government fall now, with major economic reforms on the horizon.


Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.