Italy's 5-star leader says president should be impeached

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

European Union - Italy's Conte fights to form team as ally threatens new vote

Carlo Cottarelli, a former International Monetary Fund director, will face an uphill battle should, as expected, he is tasked with forming a technocrat government for Italy in the midst of a deep political crisis and populist rage at the financial "elite".

Italy's premier-designate Giuseppe Conte officially rejected the mandate to form a government after his attempt to create a 5Star-League Cabinet failed on Sunday.

"Keep calm and solidarity with President Mattarella", Paolo Gentiloni, who remains Italy's prime minister, posted on Twitter.

But analysts warned that the rally could prove short-lived with new elections now likely, adding more uncertainty to the political situation in the euro zone's third largest economy. He was director of the IMF's fiscal affairs department from 2008 to 2013 and became known as "Mr Scissors" for making cuts to public spending in Italy while charged with the revision of public spending by Enrico Letta's short-lived centre-left government.

Financial markets had already reacted to the coalition's programme with alarm because of concern that they would not reign in the massive national debt, worth 1.3 times its annual output.

"The designation of the economy minister always constitutes an immediate message of trust or alarm" for financial markets, Mattarella said, adding that he insisted on some someone who was not "supporting a position expressed a couple of times that could probably, or in fact inevitably, provoke Italy's exit from the euro".

The Five Star Movement and the League were the parties that gathered the most momentum from inconclusive March 4 elections, together capturing more than half the vote.

News of Mattarella's veto sent a shockwave through Italy.

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

The head of the far-right League party responded with fury.

Di Maio met Mattarella informally on Sunday to try to find a solution, a source close to the president said.

A former judge of Italy's constitutional court, Mattarella has refused to bow to what he saw as "diktats" from the two parties which he considered contrary to the country's interests.

The Milan stock exchange opened higher Monday and the spread of points between Italy's bonds and benchmark German bonds, which had grown alarmingly last week, fell slightly.

M5S Senate group leader Danilo Toninelli told reporters Sunday that he thought Conte was "very close to finalising (the lineup) this evening".

"I want a different Europe, stronger but fairer", he said.

Savona has had high-level experience at the Bank of Italy, in government as industry minister in 1993-94, and with employers' lobby Confindustria.

In Sunday's statement, Savona did not refer to his opinions on the euro, but more than 70 slides outlining a "plan B" for Italy's exit from the euro, co-authored by Savona in 2015 with a dozen others, circulated on social media on Sunday.

Evicted 30-Year-Old Michael Rotondo Says His Parents Aren't Good People
When Greenwood tried to compliment Rotondo on his work researching other cases, Rotondo dismissed it. The home of Mark and Christina Rotondo is seen in this undated Google Maps, in Syracuse, N.Y.

Latest News