ECB Bond Plan in Jeopardy as Italy’s Voters Reject Conditions! A Catastrophe for the Euro And the European Union!

• ECB bond plan in jeopardy as Italy’s voters reject conditions! 
  by Ambrose Evans-Pritchard, http://www.telegraph.co.uk/ 
  Italy’s electoral earthquake is “a catastrophe for the euro and the European Union”, according to Luxembourg’s foreign minister, Jean Asselborn.
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  The verdict was much the same in chancelleries across the eurozone, especially in those countries already starting to feel the first wave of contagion.
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  “The result touches us all,” said Spain’s foreign minister, Jose Manuel Garcia-Margallo. “It is a jump into the void that bodes well for nobody, neither for Italy, nor for the rest of Europe.”
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  Almost 57pc of the Italian vote went to parties that have vowed to tear up the EU austerity script. Together they control a majority of senate seats. The Five Star movement of comedian Beppe Grillo, which won 25pc of the vote, has called for a euro referendum and has a return to the lira as one of its manifesto pledges, while ex-premier Silvio Berlusconi has threatened to pull Italy out of the currency bloc unless the EU switches to a reflation strategy.
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  Even if the centre-left leader, Pier Luigi Bersani, can put together a “grand coalition” with Mr Berlusconi, there is no going back to the hairshirt regime imposed by Mario Monti’s technocrat government at the EU’s behest over the past 15 months.
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