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31 May 2018
 |
| Italy
(The Total Investment & Insurance Solutions) |
Financial markets calmed Thursday amid increasing signs that Italy may
avoid imminent elections after the president gave two populist parties time to
figure out whether they can agree on an alternative to a euroskeptic economy
minister.
A day after the possibility of a governing coalition between the
anti-establishment 5-Star Movement and the right-wing League was revived,
League leader Matteo Salvini canceled appointments in northern Italy to travel
to Rome.
Salvini declined to respond to reporters' questions when he arrived at
the Rome airport, and the news agency ANSA said he went straight to the lower
house of parliament. The Total
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The two parties together won a narrow majority in March 4 elections.
They presented their proposed Cabinet over the weekend, but President Sergio
Mattarella vetoed their euroskeptic economy minister, collapsing the deal.
Luigi Di Maio, the 5-Star leader, has proposed moving contested
ministerial candidate Paolo Savona to a different Cabinet post. Salvini late
Wednesday said that he isn't closing the doors on any solution but also
indicated some resistance to the change, saying "if someone in Berlin or
Paris wakes up in a bad mood that doesn't mean that an Italian minister gets
kicked out."
Mattarella gave the leaders an unspecified amount of time to form a
coalition government after markets plunged on news of a proposed interim
administration that would take Italy swiftly to new elections. Many worried
that new polls would be a de facto referendum on Italy's membership of the
euro.
Markets reacted with relief to the prospect of a political government.
The Milan stock exchange opened slightly higher Thursday, after already showing
relief with a close up 2 percent on Wednesday.
In another development, far-right Brothers of Italy leader Giorgia
Meloni signaled she would support a populist government, reversing her previous
position and giving the potential administration more breathing room to pass
confidence votes in parliament. Her party was part of a center-right bloc
including the League and Berlusconi's party ahead of the March elections.
ANSA also reported that the little-known law professor tapped by the
5-Stars and the League as a premier-designate had skipped his Thursday class in
Florence to travel to Rome. The Total
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Giuseppe Conte had left Rome Sunday, relinquishing his brief role as
premier-designate, after Mattarella rejected the populist parties' Cabinet
list. The president, in his role as guarantor of the constitution, said that an
anti-euro economics minister would endanger Italians' savings, which are
safeguarded under the Italian constitution. The Total Investment & Insurance Solutions
"We never put Europe up for discussion. We are in a European system
and we want to remain," Conte said in a brief video interview posted by
the Nazione daily in Florence.The Total
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