A second attempt to elect Franco Marini as Italy’s new President fell well short of the required two-thirds majority.

A third vote will be held on Friday and a fourth vote would only require a simple majority. Centre-Left leader Bersani says his party will make a new proposal and must accept that a new phase has opened in the Presidential election.

He doesn’t say that a different leader must be put forward but it looks like Plan A is flopping. At the moment, the Presidential log-jam isn’t affecting the euro but signs of an extended impasse would weigh.