Fans of the “Fast & Furious” movies know the game of chicken. Two cars race toward each other, each driver waiting for the other to swerve out of the way. If neither swerves, the cars collide head-on. This game has been playing out in Europe as the UK and Italian governments each face off with the EU.
UK politics are not stable after last week’s general election. When Prime Minister Theresa May called for a snap election in April, she sought to reaffirm her political mandate as Brexit negotiations launched.
Markets breathed a sigh of relief as centrist Emmanuel Macron won the French presidency on Sunday, May 7. Despite the seemingly good news, Italian bonds sold off as investors prepare for turbulent Italian politics ahead.
Global markets breathed a collective sigh of relief last week when it became clear that Geert Wilders' anti-European Party for Freedom (PVV) did not win the most votes in the March 15 Dutch election.
Italy rejected Prime Minister Matteo Renzi's constitutional reform in Sunday’s referendum, as polls had predicted. But Italian voters didn’t just say “no,” they said “hell no!” with 59.1% voting against and 40.9% voting in favor.
