Europe: The new market cliff

The future of the eurozone hinges on a stronger Italy, but with Mario Monti's bargaining strength now gone from the negotiating table markets should be nervous.

Australian and world stock markets now suddenly face a 2013 danger that they had not anticipated – instability in Italy and therefore Europe. In the next few months we are likely to see the European equivalent of the US fiscal cliff emerge.

The global strength in stock markets in the last six months was partly due to the remarkable Italian prime minister, the non-elected former Goldman Sachs man, Mario Monti. Now Monti is preparing to step down.

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