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Italy's League boss says markets should not fear centre-right government

Italy's League boss says markets should not fear centre-right government

"I'm someone who keeps his word and the commitment regards the centre right coalition, which has won and can govern".

Luigi Di Maio, the leader of Five Star, said his party showed such a strong showing that the party should run the government.

Italy's national election produced no outright victor on Sunday, according to exit polls that pointed to political gridlock for the euro zone's third-largest economy and showed voters backing anti-establishment and far-right parties in record numbers.

Such a move would be further complicated by the fact that the two right-wing allies (and their minor ally, Brothers of Italy) have fielded coalition candidates together, since, under the new electoral law, one third of the seats are selected from single-member districts (SMDs) according to a plurality rule. But neither appears to have enough votes to govern alone. President Sergio Mattarella is expected to open formal coalition talks in April, with early elections possible if no accord is found.

Berlusconi, a three-times prime minister, has returned to the limelight despite a political career overshadowed by sex scandals and legal woes. But he said the PD would play no part in the next administration.

"It was a clear loss that forces us to turn a page", Renzi said. In Germany, only a grand coalition between the centre-right and the centre-left prevented a minority government or new elections, even though grand coalitions are usually considered measures of last resort.

Meanwhile anti-immigrant and euroskeptic League leader Matteo Salvini said in televised comments that "we will not participate in a mishmash government" and that his center-right coalition with Berlusconi's Forza Italia party has "the right" to form a government on its own.

More news: EU weighs retaliatory measures to Trump's metal tariffs

The defeat of Marine Le Pen's National Front in France a year ago spurred even the most euro-skeptic parties to tone down their euro exit talk. The great fear for those overseeing the euro currency is that a party may come into government seeking to get out of the single currency and revert to the country's original currency.

Having won the election in the same year, Berlusconi then led a short-lived coalition government, with the support of the extreme-right party the Social Movement and the regionalist populist Lega Nord. The party's economics chief Claudio Borghi said their first contact would be with 5-Star. This would be a complete reversal of the position taken by M5s after the 2013 election, when it refused to even consider such a possibility and went into opposition, forcing the PD to govern with FI.

The European Union has insisted that Italy take charge of the newcomers, letting hardly any of them move to other EU states. However, final confirmed results are not expected until Monday night.

"Italy has, it's undeniable, suffered for months and months under the pressure of migration", Macron said in Paris.

In early European trading, the euro dipped while investors dumped Italian government debt, with the yield on its ten-year bonds jumping ten basis points. We believe a government involving those parties would partially roll back fiscal prudence and economic reforms. Since its birth in 2009 under the auspices of comic Beppe Grillo, the 5-Stars have attracted legions of mostly young Italians who are facing few job prospects and are fed up with Italy's traditional politicians. Its flagship proposal in the election campaign was a minimum monthly income of up to 780 euros ($963) for the poor, helping it draw overwhelming support in the underdeveloped south.

Despite overseeing a modest economic recovery, the ruling centre-left coalition trailed a distant third on 22%, hit by widespread anger over persistent poverty, high unemployment and an influx of more than 600,000 migrants over the past four years.


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