Italy's Five Star and League move towards government formation

United against Brussels? Italy's antagonist Euroskeptic left & right mull coalition govt

News that a new coalition government in Italy is likely to be formed by the anti-establishment 5-Star movement and the anti-immigrant League has hit the prices of Italian assets as both parties favor fiscal stimulus.

Mattarella called on the bickering parties to show "responsibility" and support his now unnamed government, adding that a new vote would have to be held if such an administration failed to find the necessary backing in parliament.

While the 5-Star Movement and the League already had enough numbers to form a government, a fresh election may further strengthen their hand.

Without their support, Mr Mattarella is unlikely to get his proposal through parliament, said Luigi Ferrata, public affairs account director at Community Group, which is a political consultancy based in Rome.

LONDON, May 8 (Reuters) - Italian government bond yields rose sharply on Tuesday, lifting southern European peers, as the possibility of an early Italian election increased with the country's largest anti-establishment parties polling strongly.

"Today, to ask Forza Italia to give external support (to a government) seems a very bad move which we an only say no to", said Maria Stella Gelmini, Forza Italia leader in the lower house of parliament.

The latest development breaks the nine-week stalemate that prevailed after inconclusive national elections in March, but was only made possible after the former prime minister Silvio Berlusconi, whose Forza Italia party had teamed up with the League as part of a centre-right coalition that won the largest share of the vote, agreed to step aside late on Wednesday.

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Since the March elections, Berlusconi had been holding Salvini to his pre-election pledge not to abandon their coalition, effectively blocking attempts at a deal with Five Star.

A source close to 5-Star said he believed they might need "a few more days" to find an accord.

Berlusconi said he would not back a parliamentary vote of confidence for such an administration "but we would calmly and without prejudice assess the work of the government". "A government of service".

The two sides had originally tried to come to an agreement soon after the March 4 election but stumbled on several topics, including the choice of a new prime minister. "We are going to vote in July", he wrote on Twitter.

The president added that elections over the summer would be impractical because so many Italians would be on vacation, and risky in autumn because it could jeopardise approval of the annual budget in parliament.

US inflation data is also likely to help keep any large market moves in check by strengthening expectations the Federal Reserve will raise rates at least three more times this year.

Talks over policies will likely be complicated given the serious differences between the two parties - in particular regarding the M5S's flagship universal basic income policy, which the League has said will create a culture of dependency. Traditional parties such as Mr Berlusconi's centre-right Forza Italia party and the centre-left Democratic party (PD) suffered heavy losses.

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