ITALY LATEST: OUTSIDER PARTIES PROPOSE PRIME MINISTER TO PRESIDENT, EU AND PRO-EU FORCES FURIOUS
"Italy's insurgents defiant as bond spreads surge and EU threats build"
Headline from "The Telegraph" in London May 21, 2018
"They have nothing to worry about. The government that we want to form wants to make Italy grow and create jobs, to bring companies to Italy that invest, to make work more stable"
League Leader Matteo Salvini as quoted by the Associated Press May 21, 2018
The two political parties who combined achieved 50 percent of the popular vote and a solid majority of seats in Italy's two houses of parliament (Five Star and League) have told the President of Italy their choice to be the country's new Prime Minister.
Florence University law professor Giuseppe Conte was the choice according to Five Star leader Luigi Di Maio. Conte is not an elected official and is not well known but has associated himself with Five Star in recent years.
League leader Matteo Salvini described Conte as an expert in trimming bureaucracy with the Associated Press quoting Salvini as saying cutting bureaucracy is exactly "what many companies are asking for".
The Italian president is set to meet on Tuesday May 22nd with the leaders of the two houses of parliament.
Conte is also described as the person who will mediate differences between the two parties which had decided in advance not to name any of their politicians as Prime Minister.
The Five Star wants pension reforms rolled back and a minimum income for the poor in southern Italy while the League wants to bring in a flat tax to stimulate economic growth and crackdown on the immigration tsunami with increased deportations and also deal with Islamists in Italy.
Manfred Weber, who heads the so-called "conservative group" in the European Parliament warned that "irrational or populist acts could cause a new euro crisis".
French finance minister Bruno Le Maire warned on Sunday: "If the new government takes the risk of not respecting its commitments on debt, the deficit, but also on the consolidation of banks, then the entire financial stability of the eurozone will be threatened."
Word is that the new government wants EU debt forgiveness to the tune of around 225 billion dollars (250 billion euros).
We will await to see if the Italian president gives approval to the new prime minister.
Florence University law professor Giuseppe Conte was the choice according to Five Star leader Luigi Di Maio. Conte is not an elected official and is not well known but has associated himself with Five Star in recent years.
League leader Matteo Salvini described Conte as an expert in trimming bureaucracy with the Associated Press quoting Salvini as saying cutting bureaucracy is exactly "what many companies are asking for".
The Italian president is set to meet on Tuesday May 22nd with the leaders of the two houses of parliament.
Conte is also described as the person who will mediate differences between the two parties which had decided in advance not to name any of their politicians as Prime Minister.
The Five Star wants pension reforms rolled back and a minimum income for the poor in southern Italy while the League wants to bring in a flat tax to stimulate economic growth and crackdown on the immigration tsunami with increased deportations and also deal with Islamists in Italy.
Manfred Weber, who heads the so-called "conservative group" in the European Parliament warned that "irrational or populist acts could cause a new euro crisis".
French finance minister Bruno Le Maire warned on Sunday: "If the new government takes the risk of not respecting its commitments on debt, the deficit, but also on the consolidation of banks, then the entire financial stability of the eurozone will be threatened."
Word is that the new government wants EU debt forgiveness to the tune of around 225 billion dollars (250 billion euros).
We will await to see if the Italian president gives approval to the new prime minister.
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