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Currency Analyst since 2010

Italy will have new government

Italy’ Prime Minister Enrico Letta will step down today as the leadership of his centre-left party deserted him for Matteo Renzi (136 votes to 16).

Critics say that Letta hasn’t been able to carry out much-needed administrative reforms and stimulate economic growth. Italy is suffering from near-record levels of unemployment a public debt of more than 2 trillion euro. The nation’s GDP shrank by 9% in 7 years.

Renzi, 39, is now expected to be asked by the President Napolitano to form a new government. He will be Italy’s third unelected premier in as many years.

Matteo Renzi, Enrico Letta

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