Italy’s League claims right to govern after inconclusive vote
ITALY - Italy’s euroskeptic League claimed the right to lead a new government on Monday, telling investors they should have no fear of it taking office after an inconclusive election gave its center-right alliance the largest bloc of votes.
The country faces a prolonged period of political instability after voters delivered a hung parliament on Sunday, spurning traditional parties and flocking to antiestablishment and far-right groups in record numbers. “The markets have nothing to fear,” League leader Matteo Salvini told reporters in Milan, hours after the antiestablishment 5-Star Movement also claimed the right to govern as the biggest single party.
Shares, bonds and the euro all weakened on prospects of an administration led by euroskeptic parties promising to ramp up spending. Salvini, whose rightist alliance is on course for around 37 percent of the vote, criticized both the euro and European Union restrictions on national budgets. “The euro was, is and remains a mistake,” he said, adding, however, that a referendum over the continued participation of the euro zone’s third-largest economy in the single currency was“unthinkable”.
With the vote-count well advanced and full results due later on Monday, it looked almost certain that none of the three main factions would be able to govern alone and there was little prospect of a return to mainstream government, creating a dilemma for the EU. The largest share went to the alliance including the League and former prime minister Silvio Berlusconi’s Forza Italia (Go Italy!) - but for the first time the League emerged as the senior partner.
The role reversal marks a bitter personal defeat for the billionaire media magnate and his party, which took more moderate positions on the euro and immigration while the far-right League campaigned on a fiercely anti-migrant ticket. (Reuters)