5Stars and League strike new Italian coalition deal

Carlo Cottarelli was waited to talk with reporters after a meeting with Italian President Sergio Mattarella is seen at the Quirinal palace in Rome

Carlo Cottarelli was waited to talk with reporters after a meeting with Italian President Sergio Mattarella is seen at the Quirinal palace in Rome

Conte's cabinet ministers - including leaders of the League and Five Star - are also being sworn in by Mattarella at the Quirinal, Italy's presidential palace. But at the last minute, the alliance came back together and, appeasing Mr. Mattarella, shuffled Mr. Savona to the Ministry of European Affairs. This included Brexit, where they noted the positive progress made on ensuring the rights of Italian citizens in the United Kingdom are protected after leaving the European Union, as well as issues of bilateral cooperation, such as on migration, CT, and Libya.

Italy's Prime Minister Giuseppe Conte signs in in front of the country's President Sergio Mattarella during the ceremony in which he was sworn in as prime minister.

The Prime Ministers said they were looking forward to meeting at the G7 later that week in Canada.

Giuseppe Conte, a 53-year-old law professor with no political experience whom Italian media has dubbed the "unknown professor", leads the newly-formed cabinet of 18 ministers, including five women and three non-political appointees.

The two enraged parties abandoned their joint bid for power, and on Monday Mattarella asked ex-IMF economist Carlo Cottarelli to form a caretaker government created to take Italy to what looked like probable autumn elections.

Mattarella had objected to the coalition nominating anti-euro politician Paolo Savona as Minister of Economy and Finances and used his veto as President to block Conte from forming government.


The leader of the new populist party that took power in the recent elections campaigned on a staunchly anti-immigrant platform, vowing to "put Italians first" and send half a million undocumented migrants "home".

The anti-establishment and populist Five Star was the biggest single party in parliament and attempted to form a coalition with right-wing populists the League.

"All the conditions have been fulfilled for a political, Five Star and League government", said Luigi Di Maio, the Five Star chief, and Matteo Salvini, the League leader, in a joint statement after a day of talks in Rome.

The deal followed an extraordinary few days in which Mr Di Maio called for the head of state to be impeached, two successive prime ministers-designate were tasked to form a government, one of whom quit only to be reinstated on Thursday evening.

The spread, or difference in yield, between Italian and German ten-year government bonds, fell to 221 basis points after crossing the symbolic threshold of 300 basis points on Tuesday.

Pictet Wealth Management economist Frederik Ducrozet that Italy was the only "highly indebted" euro nation not to embark on a structural reforms programme, while the European Central Bank tries to wean the eurozone off its massive monetary support.

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