Italy's efforts to form cabinet fail as president defends euro

Italian President Sergio Mattarella addresses the media after meeting Italy's premier-designate Giuseppe Conte in Rome on Sunday

Italian President Sergio Mattarella addresses the media after meeting Italy's premier-designate Giuseppe Conte in Rome on Sunday

Luigi Di Maio, the leader of the populist Five Star Party, has called for the Italian president to be impeached after he vetoed a choice for finance minister.

When Mattarella made known his rejection, Prime Minister-designate Giuseppe Conte abandoned his effort to form a government.

Italy could be forced to hold new elections after Giuseppe Conte gave up his bid to form a government following the collapse of talks with the president over including a Eurosceptic economy minister in his cabinet.

A presidential palace official, Ugo Zampetti, told reporters Sunday night that Conte "has given back the mandate" Mattarella gave him four days earlier to try to form a government. If we want to discuss it, then we should do so in a serious fashion.

Mattarella expressed his doubts about Savona although the 5 Star Movement and the League refused to back down from their choice, thus creating a standoff, given that Italy's president must approve a government's ministerial picks.

Following a general election in early March, the two parties with the most votes-the populist 5Star Movement and far-right League-slowly worked out the terms of a coalition.

Italian 10-year government bond yields dropped 10 basis points to 2.35 per cent in early trade, coming off one-year highs, while two-year yields fell as much as 17 basis points and were set for their biggest daily drop in three years, coming off three and a half year highs hit on Friday.

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
Italy's efforts to form government break down as eurosceptic Savona rejected

Mr. Salvini said that he had expected, as of Monday, to be Italy's interior minister, responsible for security and migration, and had been thinking, "I can't wait to send home a whole lot of illegals".

The prospect of a populist government running Italy had already caused turmoil in financial markets, over fear that the coalition would unleash a spending splurge and increase Italy's massive debt mountain - the equivalent of more than 1.3 times the nation's domestic output.

A government plan by the Five Star's Di Maio and Salvini of the League had spooked European Union partners and financial markets with pledges for fiscal expansion and tax cuts challenging EU budget rules. Mainstream center-left and center-right parties were seen losing further ground in the face of voter anger over the sluggish economy.

Politics in Italy have taken a dramatic turn with the tentative right-wing coalition, which formed after a March election, unraveling.

The 5-Star's Di Maio also demanded impeachment under article 90 of the constitution.

Italy's president summoned Conte to his office on Sunday in hopes of breaking a long-running political deadlock and open the way for the formation of a coalition government.

Breitbart News former executive chairman Stephen K. Bannon, who is now in Rome, had been invited by the Center for American Studies to give a public address on Italy's historic populist moment Monday afternoon, but organizers cancelled the event Sunday night out of fear of riots.

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