Africa Map

African Press Agency

African Press Agency Logo
   

 Home
 Culture/Media/IT
 News
 Environment/Natural Resources
 Events
 Religion/Civilisation
 Business/Finance
 Global Conflicts/Terrorism
 Features
 Sports
 Science & Tech
 Economic & Social Development
 Energy/Mining
 Country Profile
 Useful Links
 Contact us

Home

Italy/ElectionsBack
[Published: Thursday May 31 2018]

Italy awaits decision on last-ditch deal to avoid snap elections

By Philip Pullella

ROME, 31 May. - (ANA) - Italy on Thursday was awaiting a decision from right-wing leader Matteo Salvini on whether to join a last-ditch attempt to form a government and avoid snap elections that would be focused on membership of the euro zone.

Salvini, the head of the League, has said he would “seriously consider” an offer on Wednesday from 5-Star leader Luigi Di Maio to resurrect their bid to govern together.

The first effort by the two largest anti-establishment forces was torpedoed on Sunday when President Sergio Mattarella rejected their candidate for economy minister - 81-year-old economist Paolo Savona, who has spoken out forcefully against the single currency.

Mattarella then appointed a former International Monetary Fund official, Carlo Cottarelli, to form a stop-gap government of experts to lead the country to snap elections. But Cottarelli has so far failed to form a viable cabinet.

Di Maio, whose 5-Star emerged from the inconclusive March 4 elections as the largest single party, urged Salvini to drop his insistence on Savona for the economy portfolio and agree to give him another post in the next government.

“Di Maio - Salvini: the Final Deal,” was the headline in Corriere della Sera newspaper, echoing the national feeling of crisis put into a holding pattern.

Salvini canceled his scheduled appointments in northern Italy to fly to Rome and was expected to have a private meeting with Di Maio, a political source said.

Opinion polls show Salvini’s League would see huge gains in any early elections while the 5-Star would remain steady.

Italian stocks were trading higher as signs emerged of a compromise to avoid snap elections that could be dominated by the issue of euro membership, calming investors.

Borrowing costs meanwhile edged lower. Italy’s 2-year government bond yield, which has been the focus of a recent selloff, was down as much as 95 basis points at 1.40 percent IT2YT=RR.

The latest development came amid a general calming of financial markets after Tuesday’s rout, when investor concerns prompted the biggest one-day rise since 1992 in Italian two-year bond yields and dented the euro’s exchange rate.

“I have lost my patience. I have had enough, that is the truth,” said exasperated Rome resident Teresa Gallo as she was walking to a market for her regular morning shopping.

Two polls released on Wednesday night showed that between 60-72 percent of Italians want the country to remain part of the euro while 23-24 percent would choose to drop the common currency.

Lupo Rattazzi, a prominent Italian businessman, ran a full-page advertisement in several national newspapers addressed to Salvini and Di Maio, warning their electorate of the dire consequences of leaving the euro.  - (ANA) -

AB/ANA/31 May 2018 - - -


 


North South News website

Advertise banner

News icon UN/Terrorism
News icon BBC/MSF
News icon Zambia/South Africa
News icon Kenya/Deficit
News icon South Africa/Deficit
News icon UN/Displaced persons
News icon Mozambique/Ethiopia
News icon South Sudan/Conflict
News icon Science/Cancer
News icon DR Congo/Human Rights

AFRICAN PRESS AGENCY Copyright © 2005 - 2007