Italy's populists aim to challenge European Union on debt and migrants

ANSA       
        +CLICK TO ENLARGE

"From Europe we have the umpteenth unacceptable interference by unelected officials", League leader Matteo Salvini said on Tuesday.

The two populist parties have been holding talks aimed at forming a coalition government and ending 10 weeks of stalemate following an inconclusive election on March 4. Leaked drafts of their government "contract" include provision for a "conciliation committee" to settle expected disagreements.

"We need to be able to speak with a single voice, to say to the European Union, to which we pay many billions of euros every year, that for us Italians come first", the League's economics chief Claudio Borghi said, echoing US President Donald Trump's rallying cry "America First".

USA bond yields have risen after data this week showed a solid rise in US retail sales, suggesting the USA economy is on a stronger footing in the second quarter. The ideas in the draft programme underscore the great difficulties in finding the resources needed to pay for promises the two rival parties made to their voters during the campaign.

The League has promised to introduce a flat tax rate of 15%, which would tax revenues by some 80 billion euros (RM376 billion) per year, while 5-Star has pledged new welfare payments for the poor costed at around 17 billion euros (RM80 billion).

For instance, the EU's Migration and Home Affairs Commissioner Dimitris Avramopoulos said he hopes Italy's policy on asylum seekers does not change under the new government. The bloc's budget rules require it to cut the debt pile aggressively under the "fiscal compact", which both parties want scrapped.

Bets that the Federal Reserve will in fact be an outlier in tightening monetary policy among major central banks and signs the euro zone's economy recovery has peaked has seen the euro slide from three-year highs of above $1.24 in April.

Apple's Next Campus Could Either Be In Arizona Or North Carolina
Apple may be offering conservative estimates for regulatory reasons, or could be considering different uses of multiple locations. BusinessInsider claims that it's also very interested in the potential of North Carolina's Research Triangle region.

"If the market continues to trade off US yields and diverging economic data between the USA and European Union, it's hard to argue against the current direction in yields or the dollar", Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore, said in a note.

Borghi called on 5-Star to recognise the need to take on Brussels and got a response from its leader Luigi Di Maio.

According to Italian media reports, their nominee for Prime Minister is likely be from a "third party" and will have to be able to make the eurosceptic nature of the new government workable with Brussels.

Both parties have a history of Euroscepticism.

Salvini, saying he was "optimistic but realistic" about a deal, took rhetorical aim via social media at European Union migration commissioner Dimitris Avramopoulos. 5-Star has moderated its position considerably in the past year, rowing back on a previous plan to hold a referendum on Italy's membership of the currency bloc.

President Sergio Mattarella, who has repeatedly stressed the importance of maintaining a strong, pro-European stance, may also be dismayed at any deal the League and 5-Star come up with. "The would-be coalition's denials that leaked draft policies were ever concrete plans also helped smooth markets", said Ken Odeluga, an analyst at City Index.

Related news:

Hot News

isis-killer-beheading-video-story-top Nintendo introduces new ways for fans to have fun at E3
May 17, 2018 - 16:59
Nintendo said you'll want to be sure to add e3expo@e3expo.com to your email so it doesn't get associated as junk. You'll be required to sign up to play the game ahead of time, as there will be no way to do so on-site.

isis-killer-beheading-video-story-top 'Obama's Federal Bureau of Investigation spied on Trump campaign with informant', says president
May 17, 2018 - 16:53
President Donald Trump on Thursday once again accused former President Barack Obama of performing clandestine spy operations during the 2016 presidential campaign.

isis-killer-beheading-video-story-top Salman Khan Not Willing To Work With Children In Films; Here's Why
May 17, 2018 - 16:49
Just a day after the Race 3 trailer launch , the team is now ready to bring out the first song from the film - titled Hiriye . A film with big scale music, emotion, action, youth kind, which you watch, whistle in the end and go back home happy.

isis-killer-beheading-video-story-top Malaysia: SST set to return, says MoF
May 17, 2018 - 16:47
Another potential surprise for the vehicle buying public is that prices might not fall by exactly 6% come June 1. According to the MoF, the fiscal reform programme is underway.

isis-killer-beheading-video-story-top OnePlus Bullets Wireless Bluetooth Headphones Revealed With Magnetic Controls, Fast Charging
May 17, 2018 - 16:45
Coming back to the OnePlus 6, the flagship from the company comes in three variants based on their RAM and storage options. The company has also claimed that a future update will enable the users to answer calls by unclipping the buds.

isis-killer-beheading-video-story-top Samsung could sell Exynos chips to more OEMs, including ZTE
May 17, 2018 - 16:43
This is said to have created urgency for ZTE to diversify its suppliers, according to unnamed analysts quoted in the report. Because of that, ZTE doesn't seem to have a lot of options left other than using Exynos chispets in its smartphones.

isis-killer-beheading-video-story-top The Emirates FA Cup
May 17, 2018 - 16:42
We were confronting each other, but then we humbled ourselves and started a good relationship. We've put the season to bed and we have a full week to prepare in the right way.

isis-killer-beheading-video-story-top Oklahoma woman killed by pack of sausage dogs
May 17, 2018 - 16:07
Bryant said autopsy results and other information regarding the case to the District Attorney's Office by Thursday. The other six dogs were taken to a veterinary hospital, where they were euthanized at the owner's request.

isis-killer-beheading-video-story-top Around 2.5 Billion More People Will be Living in Cities by 2050
May 17, 2018 - 15:51
However, a few cities in Japan and South Korea - for example, Nagasaki and Busan - have experienced population decline since 2000. Megacities are those with more than 10 million inhabitants and the reports says a lot of them would be in developing countries.

Are Hedge Funds Betting Against Amira Nature Foods Ltd. (ANFI)?
May 17, 2018 - 15:46
The earnings growth rate for the next years is an important measure for investors planning to hold onto a stock for several years. The net percent change held by Institutional Investors has seen a change of 1.47% over last three month period.

isis-killer-beheading-video-story-top 5 found dead inside Denton County home, 1 other injured
May 17, 2018 - 15:18
Medical City Denton was then informed about "multiple gunshot patients" and more responders were called to the scene. Hinojosa said that upon arriving, Ponder Police officers found several deceased people in the home.

isis-killer-beheading-video-story-top Backstreet Boys Return Today With New Single
May 17, 2018 - 14:58
The song is called " Don't Go Breaking My Heart " and no, it's not a cover of Elton John's duet with Kiki Dee . just so you know. The single " Don't Go Breaking My Heart " is from the upcoming studio album, to be released later this year.

isis-killer-beheading-video-story-top Prayers For Ruthie Ann Miles Who Lost Her Unborn Child
May 17, 2018 - 14:57
The Broadway star, 34, was involved in a horror auto crash which saw her 4 year old daughter, Abigail Blumenstein, lose her life . Ruthie's friend Lauren Lew and her one-year-old son Joshua were also involved in the accident; Joshua was killed in the crash.

isis-killer-beheading-video-story-top UK's Mothercare to close 50 more stores in restructuring plan
May 17, 2018 - 14:46
In its effort to save the company, former chief executive, Mark Newton Jones, who was sacked just weeks ago has been re-hired. STAFF in Mothercare's store in Llandudno are in the dark about their future as the company plans to close 50 stores in the UK.

isis-killer-beheading-video-story-top Swachh Survekshan 2018: Welcome to Indore, India's cleanest city
May 17, 2018 - 14:35
Apart from introducing GPS-enabled wrist watches for sanitary workers, the NMC had constructed over 1,000 public toilets. State ranking was introduced in this year's survey, which was conducted between January 4 and March 10.