Italy's president gives 5-Star, League more time to clinch government deal

17 May, 2018, 01:01 | Author: Regina Lloyd
  • Italian populists signal progress toward forming government

Rome. Two large Italian antiestablishment parties sought more time to complete a pact to form a governing coalition and settle on the name of a prime minister, stalling the formation of a new government, writes The Wall Street Journal.The 5 Star Movement and the League are locked in talks to band together to form a new government more than two months after parliamentary elections. The League promises to cut taxes to a flat rate of 15 per cent, costing €60 billion.

M5S leader Luigi Di Maio speaks to press after meeting with Italy's president.

'We told the president we needed a few more days to conclude the discussion on policies and then form a government of change for our country, ' he said.

Joshua Mahony, market analyst at IG, said: "The prospect of a deal between the Five-Star Movement and League party has done little to boost Italian stocks this morning, with a host of popular policies promising to shift the public finances back into trouble". He also suggested "it would be in the League's interest" to consider another election, as recent polls suggest a surge in support for his party since the March 4 ballot.

He said on Monday he had spoken to both leaders and would be willing to do the job so long as former centre-right economy minister Domenico Siniscalco took charge of the economy again.

Conte is a lawyer and a private law professor in the University of Florence.




In a no-deal scenario, Mattarella has said he would appoint a "neutral government" to take care of urgent business - namely an European Union summit in late June on migration, budget and banking reforms - and to organize new elections in July or September-October.

But shortly after Sapelli spoke, a 5-Star source denied that he was their pick for the top office.

"With a rocky coalition joining under the premise of imposing "short-termist" measures that are likely to ramp up Italian debt obligations, it comes as no surprise that markets are taking this "good news" with a pinch of salt".

Salvini's League won 17 percent of votes in March, but it was part of a right-wing alliance including Berlusconi's Forza Italia that garnered 37 percent of the vote.

They have been negotiating since Thursday to try to settle on a "contract" of mutually acceptable policy commitments.

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