Tuesday saw the value of the common currency of the European Union hover between losses and gains while all eyes focused on circumstances germane to the political livelihood of Italian prime minister Silvio Berlusconi, according to MarketWatch.
While the embattled leader has vowed to resist attempts to eject him, Italy's parliament on Tuesday will cast votes on budgetary issues while investors watch with intense scrutiny as the nation has emerged as the next victim of the sovereign debt crisis. The opposition party was preparing a no-confidence vote, which would be particularly dangerous if Berlusconi's allies defect and imperil the coalition he spearheads.
"Currency majors remain on a roller-coaster ride, although still within familiar trading ranges, as a proof that investors are still refraining from riding definitive trends at the moment," wrote strategists with UniCredit Bank in Milan, according to MarketWatch.
Greece's outgoing Prime Minister George Papandreou and his rivals were close to tapping a new premier, according to Bloomberg.
The Aegean nation, presently waiting on its second tranche of international aid since June 2010 so as to avoid defaulting on loan obligations, no longer is the sole focus of the dangers caused by the sovereign debt crisis thanks to suffering in Italy.
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