Italy's League leader dismisses talk of president's impeachment

Italy's League leader dismisses talk of president's impeachment

Italy's League leader dismisses talk of president's impeachment

On Monday, President Sergio Mattarella tapped Cottarelli to try to form a government that can bring Italy to a new election, which Cottarelli said could come as early as this autumn.

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.

European stocks gave up early gains and bond yields recovered from lows as early elections loomed in Italy after the anti-establishment 5-Star and League parties abandoned plans to form a government.

Roth said he doesn't want to discuss the constitutional situation, but "we hope that there will be a stable, pro-European government in Italy without delay".

The 81-year-old billionaire former prime minister released a statement on Sunday in which he praised Mattarella's efforts to "safeguard this country's families and businesses". Conte gave up his mandate, and the possibility of a technocratic government is now on the table, with elections later this year looking likely.

"Either the government gets off the ground and starts working in the coming hours, or we might as well go back to elections", Salvini said.

The populist Five Star Movement and the right-wing Northern League had agreed to form a government based on their common anti-establishment stance, in spite of major political differences.

"If there's not the OK of Berlin, Paris or Brussels, a government can not be formed in Italy".

The euro and Italian stocks both rose in early morning trading Monday, due to the latest twist in Italy's tumultuous political saga.

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

Both Salvini and Five Star leader Luigi Di Maio reacted furiously to the president's intervention on Sunday evening, with Di Maio blaming credit-rating companies for torpedoing the cabinet.

It had been feared that the populist coalition's proposals for a flat tax rate, allied to increased public spending, could a further explosion in see Italy's already soaring debt, breaking European Union rules.

"In the absence of (parliament's) confidence, the government would resign immediately and its main function would be the management of ordinary affairs until elections are held after the month of August", Cottarelli added.

League and 5-Star "have a parliamentary majority".

However, Salvini dismissed calls on Monday by Five Star and a far-right ally, the Brothers of Italy, to chase Mattarella out of office.

"We will ask parliament to charge Mattarella with high treason because he has acted under foreign pressure", Brothers of Italy chief Giorgia Meloni said on La7 television channel. Under that clause, parliament can seek to remove a president if a simple majority of lawmakers votes in favour.

A livid Di Maio later called for the president to be impeached. "Some things can not be done in the throes of anger", Salvini said.

The incumbent president has been supported by head of the center-right Forza Italia party, former Italian Prime Minister Silvio Berlusconi, as well as the Democratic Party.

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