That much is certain. Almost everything else is up in the air. Breakingviews asks the questions, and does its best to answer them clearly. Warning: in Italy, nothing is simple.

Yields on Italian sovereign debt have fallen to pre-crisis levels. Do the elections really matter to investors?

While yields are no longer dangerously high, political stability remains crucial. GDP growth is key to reducing the scale of Italy's debt, currently 126 percent of GDP; economic reforms are necessary for growth and impossible without strong political leadership.

The election gives Italians an opportunity to continue the austerity-cum-reform agenda of Mario Monti, the technocratic incumbent prime minister. At the other extreme, they could return to the stasis of Monti's predecessor, Silvio Berlusconi, whose government ended with political stalemate, rising bond yields, and a forced resignation.

Center>Copyright Reuters, 2013