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Markets calm amid signs that Italy may avoid elections

Markets calm amid signs that Italy may avoid elections

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.

Mattarella had objected to the coalition nominating anti-euro politician Paolo Savona as Minister of Economy and Finances and used his veto as President to block Conte from forming government.

A League source said the party would not block any quick political solution that would enable Italy to deal with possible "emergencies". "It avoids the uncertainty of new elections".

It was a reference to European Union officials, who have made clear in recent days their concerns - in occasionally undiplomatic terms - about Italy's euroskeptic direction.

The League has also faced widespread criticism for xenophobic, anti-immigrant policies reminiscent of those forwarded by far-right parties across Europe, including Germany's AfD and France's National Front.

Italy's new anti-establishment government was being installed on Friday, calming markets spooked by the possibility of snap elections that might have become a de facto referendum on quitting the euro.

His cabinet line-up would directly involve M5S leader Luigi Di Maio and League leader Matteo Salvini both in the role of vice prime ministers.

The M5S and the League joined forces and were set to form government with Independent candidate Giuseppe Conte as leader.

After the initial coalition attempt failed on Sunday, Mattarella named former International Monetary Fund official Carlo Cottarelli as interim prime minister. Bond yields dropped, and with them, interest rates on mortgages and other kinds of loans, hitting bank stocks on expectations lenders would earn thinner profits.

China warns U.S. against tariffs as trade talks end
He spoke to reporters with Chinese Vice Premier Liu He, the top economic adviser to President Xi Jinping . The purchases are partly aimed at shrinking the $375bn United States goods trade deficit with China.


Reaction to the new government was wary, with concerns still running high about Italy's massive debt mountain and the future of the European Union and its single currency.

Conte has been appointed prime minister and, along with his cabinet, will be sworn in on Friday.

Five Star Movement leader Luigi Di Maio appeared willing to return to the negotiation table on Tuesday night, walking back his call for the impeachment of Mattarella as well.

"Starting today, we get to work to create work", Di Maio said in a Facebook video giving Italians a tour of the empty ministry.

Offering the new government cautious support was Italy's small, far-right neo-fascist CasaPound party, which held its own Republic Day commemoration on Saturday.

If a coalition can not be formed, the country will again hold elections, with the president having to dissolve parliament and host a vote as early as July 29, if most of the major parties have their way.

Savona had advocated a "plan B" to allow Italy to quit the euro if necessary, spooking financial markets.

Born in the southern region of Puglia, Conte lives in Florence where he teaches civil law at the University of Florence. He was mentioned as a potential Public Administration minister in the event that the Five Star Movement won a clear majority. The Five Star movement rejected accusations that Conte embellished his qualifications.

Mr Salvini has said he would "seriously consider" an offer on Wednesday from Mr Di Maio to resurrect their bid to govern together.


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