The Holy Father's father is from Italy?
Yes! Many Italians emigrated to both North and South America. One commentator suggested that, with the election of an Argentinian from Italian extraction, many Italian families tonight are asking themselves "Don't we have an uncle (aunt, cousin) in Argentina?" Italians tend to be a proud people, regardless of where their relatives have settled.
Does it matter? It is not uncommon for Italian emigrants to say they come from a large city when, in fact, they come from a neighboring area which most foreigners would not recognize.
A good friend of mine is an Argentine. He always describes himself and his countrymen as Italians with a Spanish accent! They sound like a very colorful bunch!