THREE months of political deadlock have been broken as western Europe’s first populist government took charge in Italy, prompting a surge in the Milan stock market.
The anti-establishment 5-Star Movement and right-wing League swore in their cabinet, capping a rollercoaster week of political and financial turmoil by reaching agreement with Italy’s president to drop a Eurosceptic economy minister.
Milan’s stock index opened up 2.5% and Italy’s borrowing rates eased. Stock markets in Italy had plunged and borrowing rates soared earlier in the week when it seemed the country was heading for new elections.
However, an agreement by 5-Star leader Luigi Di Maio and League leader Matteo Salvini to shift Eurosceptic Paolo Savona from the economy ministry to the ministry for European affairs resolved the stand-off.
A mainstream economist at Rome University considered close to the Forza Italia party of ex-premier Silvio Berlusconi, Giovanni Tria, is Savona’s replacement.
Giuseppe Conte, who had promised to be the “defence attorney of the Italian people”, has been appointed as the new premier-designate.
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