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The Latest: The formation of the Italian government is delayed



The latest on Italy's political crisis (all times local):

17:50

The formation of a transitional government of non-elected technocrats in Italy has been delayed

Carlo Cottarelli, a former IMF official English He urged himself to become a prime minister, went to President Sergio Mattarella as planned on Tuesday, but did not present his list of ministers as expected. An hour later he left without comment.

A spokesman for the president said they would meet Wednesday morning.

The delay indicates difficulties in drawing up a list of ministers, but the spokesman said he had nothing to say about the reasons. Cottarelli returned to Parliament, where he worked to form a government that will lead Italy to new elections, possibly in September.

Cottarelli was ousted on Monday by an attempt by two populist parties to form a government over the election of an anti-Euro figure as Minister of Economic Affairs, which was rejected by Mattarella. This brought Italy into political and financial turmoil.

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1

7:45

The EU Budget Commissioner said in an interview that the strong market reaction to political uncertainty in Italy could "signal to voters that they should not vote for populists." [19659006] Comments by Günther Oettinger, published by Deutsche Welle on Twitter, brought rebuke – as expected by the Italian leader Matteo Salvini, but also by the President of the European Council Donald Tusk. [196592002] Salvini demanded Oettinger's resignation: "Who insulted my people and says that the markets give the Italians the right to vote, must resign immediately." Tusk appealed to EU institutions in a tweet to "please respect voters, we are there to serve them, not to teach them". The tweet was provided with the haschname Italy and addressed to Deutsche Welle.

Oettinger commented when Italy's markets failed after a failed attempt to form a populist government and the Italian president put a former IMF official at the head of a technical government until the next election [196592002] ___

13 : 50

Italy's president will receive a former IMF official who will lead a technical government this afternoon amid the anger of populists whose attempt to form a government has failed.

President Sergio Mattarella's office said Tuesday he meets Carlo Cottarelli at 14:30 GMT (10:30 EDT).

Mattarella knocks on Cottarelli as prime minister after the anti-establishment 5-star movement and the right-wing league have refused to pull out an anti-Euro candidate as an economics minister who fails his bid after unclear March elections To found a government.

Cottarelli will submit Mattarella his Cabinet List he will have to seek a vote of confidence in Parliament.

Both the 5-star and the league have said they will vote against a Cottarelli government that will pave the way for failure.

In this case, Cottarelli would be a transitional government until new elections were organized in the fall

13:35

Greece's Foreign Minister says his country would like to see Italy as a "stable, democratic, pro-European" and show that Greece concerned about the potential for financial turmoil.

Nikos Kotzias spoke after his meeting with his German counterpart Heiko Maas on Tuesday in Berlin. Germany has the largest economy in the Eurozone, while Greece is working to overcome a deep economic crisis that required a rescue program that ends in August.

Kotzias said: "We want a stable, democratic, pro-European Italy it is unstable and this has implications for the financial situation, and this financial situation could possibly cause us additional problems."

He said that Italy in recent years "unfortunately … is no longer the country where the Great European Ideas are being produced."

11:15 am

Italy's central bank chief says that "Italy's fate is that of Europe" As political uncertainty threatens to plunge Eurozone economy No. 3 into a new crisis

Ignazio Visco said, "It is important that Italy's voice prevail in the contexts in which the future of the European Union is decided is ", and refers to upcoming EU decisions on the management of blocks, multi-annual budgets and the revision of financial rules

Visco's annual speech on the state of Italian The economy came as the newly designated prime minister of a non-political government of technocrats, preparing to submit its cabinet list to the Italian president. By contrast, populist parties are furious that their attempts to form a government are failing to elect an anti-euro economic minister.

Visco warned that investors would flee the system if they lost value due to an economic crisis. recalling that 'foreign investors would be the fastest'

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10:20

An Italian prime minister designating an apolitical government of technocrats will present his cabinet list to President Sergio Mattarella, but investors seemed doubtful, the markets collapsed.

Italy's stock market fell 1.8 percent and the spread between the Italian 10-year government bond and the German benchmark rose to 230 points, its highest level since October 2013, with interest rates at 2.9 percent.

The designated PM, former IMF representative Carlo Cottarelli, meets Mattarella to present his ministerial election next Tuesday, two days later. Attempts by two populist forces to form a government failed because of the opposition Euro-Minister of the Economy by the President.

Given the strong opposition, the Cottarelli government will likely miss the vote of confidence later in the week, forcing Italy to retreat to the EU elections.


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