Coalition sworn in after Rome roils global markets

Giuseppe Conte delivers a declaration after a meeting with Italian President Sergio Mattarella as part of consultations for a fresh government at the Quirinale Palace on May 23, 2018 in Rome, Italy.

Franco Origlia/Getty Images

Giuseppe Conte delivers a declaration after a meeting with Italian President Sergio Mattarella as part of consultations for a fresh government at the Quirinale Palace on May 23, 2018 in Rome, Italy.

A populist coalition government was sworn into power in Italy on Friday, ending months of political uncertainty from the euro zone’s third-largest economy.

President Sergio Mattarella swore in Giuseppe Conte as prime minister of Western Europe’s

first anti-establishment government whose aim will be to cut taxes, boost welfare spending as well as overhaul European Union rules on budgets as well as immigration.

“Your appointment comes at a crucial time for Italy as well as the entire European Union,” European Council President Donald Tusk said in a letter to Conte. “To overcome our common challenges, we need unity as well as solidarity more than ever.”

Mattarella had approved a patched up bid via Italy’s anti-establishment all 5 Star Movement (M5S) as well as right-wing Lega (League) party on Thursday evening, just days after a bitter feud roiled global financial markets.

“All the conditions have been fulfilled for a political, all 5 Star as well as Lega government,” Luigi Di Maio of M5S as well as Matteo Salvini of Lega, both the leaders of their respective parties, said in a joint statement following several hours of talks in central Rome.

Only days ago, Mattarella refused to accept an initial bid via Italy’s populist parties over concerns about an economy minister who had helped write a guide for withdrawing Italy via the euro zone. of which move plunged the country back into crisis mode, amid fears a fresh election could be framed as a de facto referendum on Italy’s role in Europe.

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