Italy’s president Sergio Mattarella yesterday asked a former International Monetary Fund official Carlo Cottarelli to form an interim government to cool down the turbulent political atmosphere of the country ahead of the elections. The president invited Cottarelli after two opposition parties angrily denied to form a coalition after an altercation with the head of state over their choice of economy minister. Recently In a television interview, Mattarella declared to reject the candidature Paolo Savona, the 81-year-old our economist because who was trying to pull Italy from the single currency according to the president. The situation creates panic in the minds of the investors. The uncertainty over Italy’s economic condition affected both the domestic and foreign investors. Financial markets also fell down last week amidst this political turmoil. Recently the debt burden of the country also increased very rapidly. After Mattarella’s decision , the markets have become stable and the euro has also gained momentum adding 0.6 percent against the Japanese yen EURJPYY The far-right League and anti-establishment 5-Star Movement, which had spent days to form a coalition pact aimed at ending an impasse after an inconclusive March vote, reacted with anger and accused him for , misusing his power, Luigi Di Maio 5-Star leader Luigi Di Maio went to thee parliament to impeach the mild-mannered Mattarella, while League chief Matteo Salvini threatened to n start a mass agitation unless snap elections were called Mattarella declared that he had the power to block nominations those would be detrimental for the country. Shortly afterwards, the president invited Cottarelli, the IMF’s former director of fiscal affairs, for a meeting on Monday.

Cottarelli would be preferred for the financial markets If his government fails to win the majority in the parliament Cottarelli will take Italy to elections that will most likely be held in September or October. Mainstream center-left and center-right parties lost ground fast because they were unable to face the wrath of the voters over a sluggish economy, high unemployment, and rising poverty. It was the first time in postwar Italian history that such a re-election took place in the country.

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