Italian anti-establishment leaders resurrect coalition

Carlo Cottarelli has accepted the role of interim prime minister

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

The new government is still seen as risky for long positions in Italian debt given dangers of credit downgrades and capital outflows, according to Societe Generale SA, which recommends using the rebound to add short positions.

Her party was part of a center-right bloc including the League and Berlusconi's party ahead of the March elections.

Italy's anti-establishment 5-Star Movement and the right-wing League have persuaded the country's president to allow them to form a new government - a populist coalition that is already making waves with the European Union.

The role of economy minister was given to the less controversial Giovanni Tria, a political economist who advocates slashing taxes but is in favour of keeping Italy in the euro. The government of change is a reality! "Perhaps we are finally there, after so many obstacles, attacks, threats and lies", Salvini rejoiced on Facebook. "Thanks for your trust friends, I love you and know that I'll need you". "Go home" will be one of our priorities". With good manners and without creating confusion. "We are second to none". Seriousness", he said. "We will help them, as we always did.

The two leaders canceled other engagements Thursday to meet at the parliament in Rome and hammer out a Cabinet.

Born in the southern region of Puglia, Conte lives in Florence where he teaches civil law at the University of Florence. After being appointed by Mattarella last Wednesday following his nomination by the League and Five Star, Conte was forced to abandon his attempt to form a government the next day after the president rejected his choice of finance minister.

There has been speculation as to who would take Savona's place at the economy ministry. While Tria has been critical of the European Union, he is not been seen as an advocate for an exit from the eurozone.The new deal was blessed by Mattarella, who earlier this week nominated a technocrat, Carlo Cottarelli, to serve as prime minister.

Savona would move to European affairs and Enzo Moavero Milanesi, a former EU affairs minister, would be foreign minister, the sources said.

Di Maio also said that an impeachment trial for Mattarella, a former constitutional court judge, was "almost a certainty", but has since rowed back on this suggestion. We will have a technocratic government.

After the swearing-in, Salvini told reporters his first order of business would be to "reduce the arrivals and increase the expulsions" of migrants, as well as the costs associated with their care. She also said she could rule out there being any FdI ministers "without our knowledge".

The ceremony Friday afternoon capped a roller-coaster week of political and financial turmoil that saw stock markets around the world plunge and Italy's borrowing rates soar on the threat of a new election in Europe's third-largest economy.

They made a decision to join their forces after emerging as the two most voted parties.

More leftwing policies, advanced by the M5S, include a universal basic income for job seekers.

Since then, both Di Maio and Salvini have repeatedly stressed they do not want to leave the euro.

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