Italy opposition PD, 5-Star say they want to form coalition
ROME - Italy’s 5-Star Movement and the opposition Democratic Party said on Wednesday they would try to form a coalition, setting aside years of hostility to avert a snap election and ease economic uncertainty.
The two sides still need to agree on a shared policy platform and team of ministers, but 5-Star chief Luigi Di Maio and his PD counterpart Nicola Zingaretti said they had pledged to find common ground for the good of the country. The previous coalition made up of 5-Star and the far-right League collapsed this month when League leader Matteo Salvini withdrew from the alliance hoping to trigger an early election and cash in on his surging popularity.
“Millions of Italians are being held hostage by a hundred parliamentarians who are looking to cling onto their posts.” Italy’s 10-year bond yield fell to a record low below 1%, two-year bond yields fell to their lowest since May 2018 at -0.22% IT2YT=RR and Italy’s 50-year bond yield fell to a record low around 2.266% IT50YT=RR.However, a coalition pact is not yet a done deal. The tentative accord could still unravel even as President Sergio Mattarella wraps up his consultations aimed at resolving the political chaos that was unexpectedly unleashed by Salvini.
However, in an added complication, 5-Star has said it will put its proposed deal with the PD to an online vote of its members. Many 5-Star supporters have taken to social media to denounce any pact with the center-left and a ‘yes’ vote cannot be taken for granted.
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