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A10 WORLD NEWS
Tuesday 29 May 2018

Economist to lead Italy to new election amid political drama

By FRANCES D’EMILIO
Associated Press
ROME (AP) — Amid grow-
ing political turmoil, econ-
omist Carlo Cottarelli was
tapped on Monday to
lead Italy to early elections,
possibly as soon as after
the summer, after populist
parties failed to convince
the president their Cabinet
picks wouldn’t destroy in-
ternational investors’ faith
in the country.
A former International Mon-
etary Fund official and a
specialist in budget slash-
ing, Cottarelli told reporters
at the presidential Quirinal
Palace that he had ac-
cepted President Sergio
Mattarella’s request to form
a government “that will
bring the country to new
elections.”
Inconclusive March 4 elec-
tions left the country fac-
ing what has proved to
be an intractable political
impasse. Bond markets
suggested investors are
becoming more cautious Italian Premier-Designate Giuseppe Conte addresses the media after meeting Italian President Sergio Mattarella in Rome, Sunday,
about lending to Italy. May 27, 2018.
Cottarelli expressed hope Associated Press
his appointment could even after Cottarelli was pened after Mattarella on Stefano. “It makes no sense ing on the horizon.
calm the markets. tapped. The 10-year rate Sunday night refused to ap- to speak about it in a seri- “This isn’t democracy, this
“In the last few days, ten- hit 2.6 percent Monday, up prove the populists’ choice ous way.” Mattarella’s veto isn’t respect for the popular
sions have increased in sharply from 1.7 percent of an economy minister enraged both the 5-Stars’ vote,” Salvini said. “It’s just
the financial markets,” the last month. That is still very who has raised the spec- Luigi Di Maio, who threat- the last gasp of the strong
premier-designate said. “In manageable for the gov- ter of Italy having to some- ened to start impeachment powers who want Italy as
any case, the Italian econ- ernment, however, and day exit from the euro, the proceedings against him, a frightened, precarious
omy is growing, and the well below the 7 percent EU currency shared by 19 and League leader Salvini, slave.”
public accounts remain rate that forced a change countries. who had essentially issued “The next elections will be
under control. A govern- of government in 2011. The 5-Star Movement and the president an ultimatum a plebiscite, the people
ment led by me would as- Weeks ago, an exasper- the right-wing League, the over his economy minister and real life against the old
sure prudent management ated Mattarella told the Eurosceptic parties which candidate — approve him castes and the Lords of the
of our public accounts.” nation that if Italy’s squab- were thwarted in their bid or the coalition implodes Spread,” Salvini said, refer-
But with the prospect of an- bling parties failed to join to give Italy its first populist and the turndown be- ring to financial specula-
ti-euro political sentiment forces for Italians’ common government, have vowed comes campaign fodder tors, in a statement issued
suddenly gaining traction good and forge a viable to give Cottarelli the to excite voters feeling their by his League.
in Italy, and another elec- coalition, he would tap a thumbs down in required political will was foiled. In his brief remarks, Cot-
tion approaching, markets technocrat, an expert not confidence votes in Parlia- Buoyed by recent triumphs tarelli made plain he knew
remained on edge. The directly affiliated to political ment. in local elections, Salvini any government of fellow
government’s benchmark parties, to take the country A government led by Cot- immediately started chart- technocrats he assembles
borrowing rate increased to elections by year’s end. tarelli “is born dead,” said ing the new political land- might not be approved by
further, a sign of caution, That is what ultimately hap- 5-Star proponent Manlio Di scape with elections loom- Parliament.q