Populist fury after Italian president scuppers new government
Populist fury after Italian president scuppers new government
Italy's efforts to form government break down as eurosceptic Savona rejected
28 May, 2018, 14:15
Italy's premier-designate has been summoned to the presidential palace to report Sunday on whether he has assembled a Cabinet for a euroskeptic government that meets the president's approval.
"Keep calm and solidarity with President Mattarella", Paolo Gentiloni, who remains Italy's prime minister, posted on Twitter. "If you want to discuss it, it should have been done openly and with a serious debate", which he noted hadn't been part of the electoral campaign.
Giuseppe Conte, 53, a professional law professor, was nominated as prime minister by the Five Star Movement and the Lega parties that had scored the majority of votes at the March 4 parliamentary polls.
Since the formation of the populist ruling coalition, Italian stocks have lost nearly 9%.
The yield on the Italian 10-year government bond fell back to below 2.35 per cent in early trading as investors greeted the collapse of the potential coalition, before rising to around 2.44 per cent at the time of writing, according to Tradeweb.
The parliamentary election, held on March 4, failed to produce a clear victor but saw support for traditional parties collapse.
"I have given up my mandate to form the government of change, " said Conte to reporters after leaving failed talks with President Sergio Mattarella.
"If there's not the OK of Berlin, Paris or Brussels, in Italy a government can not be formed". The situation is fluid with President Mattarella maintaining that he will wait before making any decision, but new elections are now a distinct possibility.
While he had approved all their other ministerial picks, Mattarella said he had the right to block nominations that could harm the country.
Markets gave up earlier gains as the Five Star Movement and the League raged against Mattarella, suggesting months of acrimonious political campaigning.
President Sergio Mattarella turned to the former International Monetary Fund official to run a technocratic government until an early election can be held.
Savona has had high-level experience at the Bank of Italy, in government as industry minister in 1993-94, and with employers' lobby Confindustria.
The president has very limited powers but can appoint heads of government and their chosen ministers. However, with the country looking ever more unstable and probably heading for fresh elections, the trend may be short-lived-while the Italian stock market rose by 1.9% at one point, it went into the red a couple hours later. Mainstream center-left and center-right parties were seen losing further ground in the face of voter anger over the sluggish economy.
The president has chosen European Union rules over the votes of Italians and that's "an issue for democracy", Matteo Salvini, leader of the anti-immigrant League, said in a message on Facebook.
"We will ask parliament to charge Mattarella with high-treason because he has acted under foreign pressure", Brothers of Italy chief Giorgia Meloni said on La7 television channel.
Luigi Di Maio of the 5-Star Movement attends a news conference in Rome.
A livid Di Maio later called for the president to be impeached.
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