Mamma mia, here we go again. Having been without a government since March, Italy’s latest prime minister-elect, Carlo Cottarelli, has been unable to win support from the country’s major parties and may step down without being sworn in — just days after a coalition choice for prime minister did the same. Such a move could force President Sergio Mattarella to call snap elections as early as July. Meanwhile, Italian two-year bonds had their worst day since 1989 as fears that Italy could exit the eurozone threw markets into chaos.

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