The premier-designee of the left-right populist coalition
has renounced the mandate from the President of the Italian Republic Italy
is a member.
The
prospect of the Trumpist-style populist anti-migrant/anti-European/pro-Russian
government had set off panic throughout Europe, caused the price of the Italian
bond to spike and jeopardized Italy ’s
credit rating. Italy is the
third largest economy in the Eurozone.
The
President will now form a government to guide Italy until new elections after the
summer vacation season, to avoid a lack of a budget that could trigger a
dramatic increase in the European Union’s value added (sales) tax. Italians have never voted during the
summer. There is no provision for
absentee balloting. There may be an
amendment to the election law in the meantime to give a bonus number of
parliamentary seats to the party or bloc that wins a plurality in order to make
it easier to form a government.
The
anti-establishment populists were the single party that won the most votes and
seats in the Italian parliamentary elections March 4, but well short of a majority
necessary to win a vote of confidence to form a government. The right-wing bloc of parties won the most
votes and seats overall, but also short of a majority. The anti-migrant pro-Russian right-wing party,
which won the most votes and seats within that bloc, attempted to form a
government with the populists, as together they would have a bare majority,
without the support of the conservative party it edged out, which came in
fourth overall, behind the outgoing center-left party. The left-right populist coalition would
likely have been unstable.
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