Italian crisis is trending among topics which are discussed by European and world traders today. After the election went through and 5 Star Movement gained majority of votes it was almost clear – Eurozone is going to come under a crisis situation very soon as this party is a known anti-European movement who want to be closer to Russian than United Europe. The party was trying to form their government but their plans came to unexpected turn after Italian President came into the way, which doesn’t usually happen.

Before the Movement could establish Minister of Finance Sergio Mattarella (president of Italy) meddled into the process and declined Paolo Savona as a candidate for the position of minister of finance. Savona, 81, has expressed his unhidden desire to get Italy rid of euro currency and that just didn’t go with Italian president. Now there is a whole lot of mess which may follow the scandal.

For starters, Prime Minister candidate has resigned and now Mattarella has to appoint the new Prime Minister and decided whether or not there is going to be a new election. But the new election can be a road to a technical referendum of the future of Italy as the part of EU and Eurozone.

In the meantime, all of the talks and shakings have already become a problem for Euro. In the last couple of days, European currency hit by the holidays and Italian problem has sunk to the lowest point in 11 months. Only today 0.8 percent was shed by euro. But that’s not all. Euro is taking stocks with it. main Index in Milan FTMIB lost 2.1 percent on Monday. Bank shares FTIT8300 are also losing – 5 percent today, to be precise.

Saxo Bank's head of FX strategy, John Hardy doesn’t give a good prognosis on the situation. He says “If this continues for another couple of sessions, I think you will have to see some official (European) response. A ‘whatever it takes’ kind of moment,”

For now the uncertainty is hanging in the air. Whether or not euro will go on sliding will only be known with the new trading morning. But for now the advice is to stay away from trading with Euro.