Friday, 22 June, 2018

Lega Party Calls on Italian President to Elect New Parliament

European Union - Italy's Conte fights to form team as ally threatens new vote Italy's efforts to form government break down as eurosceptic Savona rejected
Lisa Bryan | 28 May, 2018, 13:30

Conte said President Mattarella has been in talks with former International Monetary Fund economist Carlo Cottarelli, who is tipped as a potential stop-gap prime minister.

"We may now be in for an extended period of heightened uncertainty ahead of fresh elections - assuming that's where we're headed - but that's not a story for today", said Ray Attrill, head of foreign-exchange strategy at National Australia Bank in Sydney. That will not be political election, but a referendum on preserving democracy ...

Italy's prime ministerial candidate Giuseppe Conte leaves after a meeting with Italy's President Sergio Mattarella on May 27, 2018, at the Quirinale presidential palace in Rome.

Under Italian law, the president can reject the appointment of an elected official.

Italy's populist Five-Star Movement (5SM) and the far-right Northern League are in the final steps of forming a government under premier-designate Giuseppe Conte.

Conte gave up on the bid to form a government after President Sergio Mattarella vetoed his choice for economy minister.

The leader of the nationalist Brothers of Italy party, which had an electoral pact with the League, said the head of state should be impeached, accusing him of abusing his position.

"They've replaced a government with a majority with one that won't obtain one", said Five Star leader Luigi Di Maio to supporters at a rally near Rome.

European markets opened higher Monday on news that Italy's president had blocked the formation of a new government on concerns the antiestablishment coalition could endanger euro membership.


"Membership of the euro is a fundamental choice for the future of our country and our young people", he said.

The prospect of Italy's government going on a spending spree on promised tax cuts and welfare benefits roiled markets last week.

Savona, a company executive and former industry minister, has come under fire both for repeatedly calling on the government to plan for a possible euro exit and for his criticism of what he sees as German dominance of Europe. "We needed six months to form a new government".

On Monday, Salvini threatened to break his alliance with pre-election right-wing coalition partner Silvio Berlusconi should the media mogul's Forza Italia party vote for the government.

The question is whether he'll be able to get parliamentary approval, since the League and M5S between them have a majority in both Italy's houses of parliament.

League leader Matteo Salvini responded furiously to Mattarella's refusal to rubberstamp Savona.

The WSJ Dollar Index, which measures the greenback against a basket of currencies, was down 0.2%. Britain's FTSE 100 was closed for a holiday and with USA markets also closed, trading volumes were thin, making price moves more volatile.

Since the formation of the populist ruling coalition, Italian stocks have lost nearly 9%.

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