Giuseppe Conte refuses to be Italy’s PM - presidential administration

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News reports said Mattarella would convene the former International Monetary Fund official, Carlo Cottarelli, to the presidential palace and ask him to form a technical government that can lead Italy until early elections.

Italy's premier-designate has told the president he has been unable to form what would have been western Europe's first populist government, potentially paving the way for fresh elections.

President Sergio Mattarella scuttled the 5-Star Movement and League's bid to form a euroskeptic coalition government by vetoing their choice for economy minister on Sunday night.

"The incredible point is that Savona was the first telling us that Italy has to stay in the European Union and Eurozone, but it has to be stronger institutionally to bring some points at home", Stefano said.

Roth said he doesn't want to discuss the constitutional situation, but "we hope that there will be a stable, pro-European government in Italy without delay".

Despite the recent surge, Italian yields are well below the peaks they reached during the euro zone crisis of 2011-2012, thanks mainly to the shield provided by the European Central Bank's bond buying programme.

The decision led to prime minister-elect Giuseppe Conte stepping aside, exacerbating the political turmoil almost three months after March's inconclusive general election.

Mr Di Maio called for impeachment under article 90 of the constitution, which allows parliament to demand a president step down based on a simple majority vote.

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When Mattarella made known his rejection, Prime Minister-designate Giuseppe Conte abandoned his effort to form a government.

Politics in Italy have taken a dramatic turn with the tentative right-wing coalition, which formed after a March election, unraveling.

League leader Salvini and fellow eurosceptic Luigi Di Maio of the 5-Star Movement agreed this month to join their rival forces in a coalition to break the political impasse.

"As days go by however, (investors) may see President (Sergio) Mattarella's choice as positive, because it put a brake on the M5S-League coalition, denying them the eurosceptic Treasury minister they wanted".

He told supporters: "Either we can work to give a future to this country and to our children, or else, in a democracy, if we are still in a democracy, there is only one thing to do: give the floor to the Italians". Mattarella's office said no meeting had yet been scheduled. "It seems a stretch", Salvini said.

The League, which won 17 percent of the vote in March, would surge in any early ballot, polls show, while support for 5-Star remained strong, above 30 percent.

While a technocratic government would likely be approved by the centre-left Democratic Party and Forza Italia - the party run by former prime minister Silvio Berlusconi - those two parties alone don't have enough votes.