The flag of Italy (creative commons)

From Business Insider: 

“Markets around the world are plunging, as we have seen a split vote. The markets were hoping for the liberal leader Pier Luigi Bersani to win easily, allowing him to form a coalition government with technocrat leader Mario Monti.”

According to a follow up report from Business Insider, the rest of the world felt an impact on their economies as a result of the election in Italy: U.S. stocks had their worst day since November, the euro is cratering, the Japanese stock market lost over 2% overnight, and the Italian stock market dropped nearly 5%.

How all of this relates is explained as a part of the “Eurozone Crisis” starting in 2009 with the lack of a printing press in peripheral countries (Greece, Spain, Italy, etc.)

In order to prevent long term debt and bailouts, the European Central Bank (ECB) promised to help by buying out any debt problems, so long as the government acknowledges the various reforms that the ECB wish to see.

What all of this surmised in took place after the vote on Monday, with voter outrage and rebellion as a well drop in support from various consumers and supporters. 

Read more of the story here. 

Reach Executive Producer Eric Parra here.