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Italy's anti-establishment leaders revive the governing coalition



ROME (Reuters) – The two Italian anti-establishment parties resuscitated their coalition plans on Thursday, promising to end three months of political turmoil with a government that wants to boost spending, challenge EU budget rules and fight immigration.

The coalition agreement, which followed unsuccessful elections in March, eliminates the risk of a repeat vote, a prospect that triggered a major sell-off on the Italian financial markets this week.

Leader of the right-wing and 5-star movement mended their alliance after agreeing to replace a Eurosceptic that they had originally proposed as economics ministers, a nomination rejected by the head of state.

"All conditions have been met for a political, 5-star and league government," said 5-star chief Di Maio and far-right league leader Salvini in a joint statement after several hours of talks in central Rome ,

The deal followed a few days in which Di Maio demanded the impeachment of the head of state. Two designated prime ministers were assigned to form a government, one of which ceased to be used on Thursday night.

Giuseppe Conte, a little known law professor near 5-Star, becomes prime minister, the leadership said.

Resident Vincenza Cariano summed up the angry mood on the street: "I can not stand it anymore, the country needs certainty, security and balance."

The breakthrough came after the league and the 5-star parliament approved had to drop the economist Paolo Savona as their choice for the economics minister. Savona, an 81

-year-old economist, had previously said that Italy should have an emergency plan to give up the euro.

He is replaced by economics professor Giovanni Tria, another little-known figure, sources in the party said.

Global financial markets have rebounded in the last two days following a fall in the range of repeat elections dominated by the debate on Italy's future in the eurozone.

Italy is the most heavily indebted nation in the Eurozone, with debt totaling 130 percent of its economic output to Greece, and is often referred to as "too big to fail".

Although investors were relieved to avoid repeated elections that they feared would have led to a de facto referendum on the euro, they are now likely to focus on the League's big spending plans and 5-star debt.

Italian Prime Minister-designate Giuseppe Conte (L) arrives at a meeting with Italian President Sergio Mattarella at the Quirinal Palace in Rome, Italy, 31 May 2018. Italian Presidential Press Office / Handout via REUTERS ATTENTION EDITORS – THIS PICTURE

The coalition has also said in a joint political manifesto, which they signed during their first attempt at a Union, that it will urge the European Union to review the Union's budgetary rules. enslaved "Italians.

The party's new Economy Minister, Tria, criticizes the EU's economic governance, but unlike Savona, he has not advocated a contingency plan to exit the euro.

There has been a change in recent articles the EU's budgetary rules to allow public investment to support growth and, like many mainstream economists in Germany, have criticized persistently high current account surpluses.

"Maybe we finally made it, after so many obstacles, attacks, threats and lies "Salvini said shortly after the deal was announced on Facebook.

After the first coalition attempt failed, President Sergio Mattarella appointed former International Monetary Fund official Carlo Cottarelli to an expert group of experts, which will not run the country until September .

But Cottarelli failed, a Kabi nice to present and received no support from any of the major parties. On Thursday he officially gave up his mandate.

Assuming that the new government receives the green light from Mattarella, Salvini will be the Home Secretary and Di Maio a powerful, newly created joint ministry consisting of labor and industry portfolios, the parties said.

Slideshow (8 pictures)

As a minister, Salvini has promised to accelerate the deportations of irregular immigrants and to redesign the country's asylum system.

Enzo Moavero, a former Minister for EU Affairs under the technocratic government of Mario Monti, will be Foreign Minister, while Savona will receive the consolation prize of the EU Foreign Minister following his ouster as Minister of Economic Affairs.

Additional coverage by Eleanor Biles, Giselda Vagnoni, Philip Pullella, Giuseppe Fonte and Stefano Bernabei in Rome and Stephen Jewkes and Francesca Landini in Milan; Editing by Mark Heinrich and Hugh Lawson


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