Europe close: Italian stocks clobbered as Conte government falls

Europe close: Italian stocks clobbered as Conte government falls”

Italian Prime Minister Giuseppe Conte said that Deputy Prime Minister and Interior Minister Matteo Salvini must explain reasons behind the ongoing government coalition crisis to the country.

He can ask the League and the Five Star Movement to find a compromise and appoint a new government, probably with a different composition.

Italian parliament is now in summer recess but today Salvini urged lawmakers to come back to Rome to debate the motion: 'There's nothing to say that we can not make parliamentarians work in the middle of August.

The spread between Italian benchmark bonds and safer German Bunds widened early on Thursday by 12 basis points, with traders citing reports that Salvini wanted to sack Economy Minister Giovanni Tria, who is well-regarded by investors.

Italy's ruling coalition is facing collapse after the head of one of the governing parties called for a new election.

He urged lawmakers to decide quickly, saying he was ready and willing "to give Italy a courageous, stable government which will last 10 years". The latest skirmish took place over a high-speed train project through the Alps, which the Five-Star Movement oppose and the League supports.

Salvini will have answer to parliament for his decision to bring down the administration Conte said: "I am confident that the passage through parliament will shed full light on the decisions made and the responsibilities that derive from them", he added.

Salvini's League is now in an uneasy coalition government with the anti-establishment 5-Star Movement, marred by infighting since it formed a year ago after no party came close to winning a parliamentary majority. "I don't believe we will go to elections but I am still terrified by what comes next".

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Letta called Salvini a "big opportunist" whose path was "not only sovereignist and racist", but whose "anti-migrant, anti-integration" ideas were becoming more widely accepted.

"Too many noes are bad for Italy, which needs to grow and, therefore, to have new elections soon", Salvini reportedly said.

That contrasts with the popularity of the coalition partners in the June 2018 after an election that saw M5S take 32 percent of the vote, while the League scored 17 percent. "Of a government of 'No.' This government in reality has always spoken little, and worked a lot", Conte said.

Italy has already infuriated the European Union by utilising an expansionary 2019 budget, and the fact that Salvini wants major tax cuts next year will result in even more conflicts in the future.

"There's nothing to say that we can not make parliamentarians work in the middle of August".

"Let's get rid of 345 of the seats in parliament (out of 950) and their salaries", he said on Facebook, adding that the money saved could be better spent.

Earlier on Thursday, Conte also met with Italian President Sergio Mattarella, who has a constitutional right to dissolve the parliament and call early elections.

"The political chaos in Italy is complete and it's linked to the failure of this government majority", said Letta - the former head of the PD - in an impromptu interview at Lamezia Terme airport in southern Italy.

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