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Tuesday
Oct252011

VIDEO - Fist Fight In Italian Parliament As 'Dysfunctional' Government Threatens Euro Bailout

A fist fight broke out amongst deputies in the Italian parliament during a tense debate on the country’s austerity reforms, ahead of a critical meeting of eurozone leaders.

The failure of the Berlusconi government to agree on key reforms to retirement age and other deficit reduction measures after a cabinet revolt by members of the eurosceptic Northern League on Monday spooked markets and further undermined confidence in the country's economy.

It was two Northern League lawmakers who were involved in the scuffle in parliament, Reuters reported. The pair fought with members of the opposition FLI party.

Northern League supporters chanted "resign, resign" according to reports.

Italy’s debt levels are more than 115% of its gross domestic product (GDP), and the market’s lack of confidence in its ability to repay have seen yields on its bond issuance rise to unsustainable levels.

The government is due to put forward a plan detailing its economic and structural reforms today, having already missed previous deadlines. Analysts are far from convinced that it will reassure markets.

“It looks as though it will be too little, too late,” Alessandro Leipold, the chief economist at the Lisbon Council. “No timetable, no specifics, a long list of what they’ve already done but little about what they intend to do and when they intend to do it.”

“Italy quite honestly is now in a dysfunctional state,” he added.

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