President Sergio Mattarella tapped the economist and former International Monetary Fund official on Monday to run a technocratic government after he scuttled the euroskeptic government of the 5-Star Movement and the League. A new vote could be held on September 9, newspaper Corriere della Sera reported on Monday.
One analyst said it was an attempt to try to strongarm Mattarella and to send a populist message in defiance of the presidential palace as an Italian institution. Under the constitution, Mattarella names both the premier and ministers-the latter at the premier's suggestion.
Luigi Di Maio, Five Star's leader, has called for Mattarella's impeachment.
"Why don't we just say that in this country it's pointless that we vote, as the ratings agencies, financial lobbies decide the governments", a livid Di Maio said in a video on Facebook.
In his first remarks, Cottarelli sought to calm markets and Italy's European partners, assuring that his government would guarantee "prudent" management of Italy's debt, which at 132 percent of gross domestic product is Europe's heaviest after Greece.
Mr Mattarella "didn't give the centre-right the chance to form a government because we didn't have the votes, and now Mr Cottarelli arrives without any votes?"
If Cottarelli fails to win parliamentary backing, as expected, elections are expected to follow in September or October.
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They also called for access, for Democrats as well as Republicans , to all documents related to the case. Former Director of National Intelligence James Clapper defended using an informant on ABC's "The View".
In an interview with Bloomberg Television's Francine Lacqua on 17 May, Cottarelli praised the populist program's proposals on fighting bureaucracy and corruption, and speeding up legal proceedings for civil justice.
It appears to illustrate the limits to which an European Union nation can challenge the bloc's economic orthodoxy, and raises questions about the eurozone's stability and Italy's place in the EU.
While he had approved all their other ministerial picks, Mattarella said he had the right to block nominations that could harm the country. "People voted for these parties and it may be hard to explain to them why they can't have their government". It was trading 0.2 percent lower on the day at 94.03. Several commentators were quick to suggest that Conte had been chosen simply because he would do the bidding of the two party leaders who would in turn hold key cabinet posts. "I asked for a figure who would mean not risking an exit from the euro".
Mattarella told reporters that it's important for confidence in broader financial markets that Italy signals its intentions to remain part of the euro. "I will take decisions on the basis of how the situation evolves in parliament".
The national news service ANSA released an article announcing that "impeachment" had found its way back into the Italian vocabulary as a result of Mattarella's unprecedented move. "We needed six months to form a new government".
Salvini, who was Savona's biggest advocate and a fellow Eurosceptic, said on Sunday that Italy wasn't a "colony", and that "we won't have Germany tell us what to do". "It seems a stretch", Mr Salvini said.