Euro rallies on developments in Italy

Italian President Sergio Mattarella addresses the media after meeting Italy's premier-designate Giuseppe Conte in Rome on Sunday

Efforts to form a coalition government collapsed on Sunday after the Italian president rejected a eurosceptic pick for the key economy ministry, triggering a possible constitutional crisis and opening the prospect of fresh elections.

But Italian President Sergio Mattarella told the nation minutes later he had refused to accept the nominee the eurosceptic League and 5-Star Movement parties had put forward as economy minister.

Prime Minister designate Giuseppe Conte quit his attempts to form a government following the decision.

Mattarella ultimately refused to back the so-called "euroskeptic" for the economy portfolio.

Earlier on Monday, League leader Matteo Salvini said his party was evaluating whether to continue the alliance with the 5-star in any new elections.

President Donald Trump said Sunday that representatives from the USA had arrived in North Korea over the weekend, in an effort to prepare for a proposed summit between him and North Korean leader Kim Jong Un.

Last week, it looked as if Italy was finally about to get a new government after nearly three months of political deadlock following inconclusive elections back in March.

"I invite (M5S leader Luigi) Di Maio and (League leader Matteo) Salvini to measure their works - their attacks on the head of State and the institutions are unheard of", he added in an interview with a RAI TV show.

"They've replaced a government with a majority with one that won't obtain one", said Di Maio to supporters at a rally near Rome.

10 2008 shows the 81 hold economist Paolo Savona looking on during a meeting in Rome. Paolo Savona chosen by the Italian populists to be the new finance minister is an eurosceptic economist very critical of Germany who made

"Now I am telling Mattarella that we want a date for new elections".

Nicknamed "Mr Scissors" for his strict approach to state finances, Cottarelli refused the official auto he was entitled to when he was appointed commissioner for a review of public spending in 2013 under then-premier Enrico Letta.

The 5star / League movement has a majority in both houses of parliament.

The economy ministry "always constitutes an immediate message of trust or alarm" for financial markets, Mattarella said, adding that he had asked for someone who was not "supporting a position expressed a few times that could probably, or in fact inevitably, provoke Italy's exit from the euro".

Appoint a technocratic government to rule for the remainder of 2018, with elections delayed until early next year.

In Sunday's statement Mr Savona did not mention his opinions on the euro, but more than 70 slides outlining a "plan B" for Italy's exit from the euro, co-authored by Mr Savona in 2015 with a dozen others, circulated on social media.

Meanwhile, European equities markets rose this morning.

Di Maio called in to a late night talk show and said he would ask parliament to charge the president with high treason.

For anyone wondering how the Italian president, usually seen as acting as a figurehead, was able to veto a minister backed by most parliamentarians, here's an explainer of how much power the president has in these situations.

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