Monday, 22 October, 2018

Italy's government cast into uncertainty following presidential block

Italian President Sergio Mattarella addresses the media after meeting Italy's premier-designate Giuseppe Conte in Rome on Sunday European Union - Italy's Conte fights to form team as ally threatens new vote
Jay Anderson | 28 May, 2018, 13:28

Italian bonds, stocks and the euro rallied on Monday after President Sergio Mattarella rejected a eurosceptic candidate for economy minister, prompting the anti-establishment 5-Star and League parties to abandon plans to form a government.

Explaining his opposition, the president said that it was his constitutional...

Conte was seen heading to the parliament building in Rome where he was hammering out a final lineup to present to the president, who has rejected the populist coalition's proposed finance minister, the eurosceptic Paolo Savona.

Mattarella's decision sparked an unprecedented institutional crisis, with strong opposition being mounted by the 5 Star Movement and the League, which garnered more than 50 per cent of the votes in the March 4 national elections.

President Donald Trump said Sunday that representatives from the US had arrived in North Korea over the weekend, in an effort to prepare for a proposed summit between him and North Korean leader Kim Jong Un.

Savona's name was put forth by both coalition parties - the Five Star and League movements - to be the economics minister in the new government. "The fear of a euroskeptic government led by two antiestablishment forces, the worst-case scenario in the most publicly indebted country in Europe, spooked investors".

Both Salvini and Five Star leader Luigi Di Maio reacted furiously to the president's intervention on Sunday evening, with Di Maio blaming credit-rating companies for torpedoing the cabinet.

10 2008 shows the 81 hold economist Paolo Savona looking on during a meeting in Rome. Paolo Savona chosen by the Italian populists to be the new finance minister is an eurosceptic economist very critical of Germany who made

His appointment was opposed by the current Italian President Sergio Mattarella.

"I agreed to all the ministers except the finance minister", Mattarella told reporters at the presidential palace in Rome.

The chances of the economist gaining approval for any technocrat government are slim, as Five Star and the League boil with anger at their own coalition stumbling on the home straight.

Mr Cottarelli, known as "Mr Scissors", has been summoned for talks with the president later Monday.

"The designation of the economy minister always constitutes an immediate message of trust or alarm" for financial markets, Mattarella said, adding that he insisted on some someone who was not "supporting a position expressed a few times that could probably, or in fact inevitably, provoke Italy's exit from the euro". "In recent weeks they've burnt billions of savings of the Italians, with scatterbrained statements on the euro, on our debt, on the future".

Newspaper La Stampa reported earlier that Conte, a law professor at Florence University with no political experience, will try to persuade and reassure Mattarella that Savona won't seek a euro-exit or create problems with Brussels.

If he failed to win parliamentary backing, he would stay in office in a caretaker capacity ahead of elections that would most likely be held in September or October.




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