European political instability never went away, it just lay dormant. Italy has managed to deliver to global capital markets a recipe for successful 'political gridlock.' A country considered as one of the strongest amongst the Eurozone peripheries has managed to deal a heavy blow to recent efforts to calm the Euro-periphery debt crisis. Its people have voted against austerity and reform and may be in the process of voting against the 17-member single currency unity while they are at it.