Lega Party Calls on Italian President to Elect New Parliament

New premier-designate Carlo Cottarelli

New premier-designate Carlo Cottarelli

Foa blasted the decision as "really shocking", as it's becoming quite obvious that the president is not acting in Italy's best interests, but rather in the interests of the European Union which he does not wish to "disturb". He found 32 billion euros ($37 billion) in cuts, but left embittered when the government soon changed hands at the obstacles he found within the bureaucracy resisting cuts.

He accepted the mandate to form a tehnocratic and politically "neutral" government before new elections are held by the beginning of next year.

Last week Savona's known criticism of the euro and German economic policy further spooked financial markets that were already concerned about the future government's willingness to reign in the massive national debt, worth 1.3 times its annual output.

The euro crawled off a 6.5-month low against the dollar on Monday, catching its breath after Italy's president tried to allay investor worries about political unrest in the country, although the prospect of a near-term election capped gains.

The appointment of Carlo Cottarelli, a former International Monetary Fund (IMF) official, to head a temporary, unelected administration will likely be portrayed by populists as a contemptuous slap in the face for ordinary voters.

"I agreed to all the ministers except the finance minister", Mattarella told reporters at the presidential palace in Rome.

"The League and the 5-Star Movement are using unheard of words and unprecedented threats", caretaker PD leader Maurizio Martina said via Twitter.

The country could be headed for another election in the coming months.

Italy's Prime Minister-in-waiting Giuseppe Conte has quit attempts to form a government following President Sergio Mattarella's blocking of his choice for economy minister.

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Adding an element of constitutional risk, members of the Five Star party subsequently called for Mattarella's impeachment for betraying the Italian people.

By blocking Savona the populist parties were unable to form a government, which Italy has struggled to form a government since the elections on March 4.

Salvini and Di Maio had met Mattarella informally on Sunday to try to find a solution. "That is the guarantor of the Italian Constitution". Under that clause, parliament can demand a president leave office if a simple majority of lawmakers votes in favor.

However, if Mr Cotterelli does not win parliamentary support for his interim role then Italians could head back to the as early as August.

Italy's European Union partners were also anxious by the populists' policy agenda, which includes lifting sanctions against Putin's Russian Federation.

"If you want to discuss it, it should have been done openly and with a serious debate", which he noted had not been part of the electoral campaign.

"Mr Mattarella's refusal on Sunday to approve a proposed eurosceptic economic minister gave the euro a much-needed push", said Hussein Sayed, chief market strategist at FXTM.

The move enraged the anti-establishment Five Star Movement and far-right League, and prompted their prime minister-elect to step aside.

Savona, who served as industry minister in a government in the 1990s, has questioned whether Italy at some point should ditch the euro as its official currency.

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