AP Photo

FOR a moment, it was like the bad old days in Italy. After the main centre-right party, the People of Freedom (PdL), withdrew its support for the technocratic prime minister, Mario Monti, he dramatically announced his forthcoming resignation on December 8th. Worse, Silvio Berlusconi said that he would run as the PdL’s candidate for prime minister, for the sixth time, in the election now expected in February (though he may change his mind). No wonder the financial markets were spooked.