Italian President Renewed His Push to Form a Coalition Government

Giorgio Napolitano, the President of Italy has renewed his push for forging a Government from the divided parliament of the country. He has drafted the advisers from two of the top three political forces already. Members of the parliamentary coalitions headed by former Prime Minister Silvio Berlusconi and Pier Luigi Bersani are among 10 selected people. The announcement was made public through an email statement sent from Napolitano’s office. The 3rd largest group, of Beppe Grillo, named as Five Star Movement, had no lawmakers included. A former politician, civil servants and a central banker rounded out the two lists.

Despite the week long negotiations between the parliamentary leaders, no solution could have been reached and hence, Napolitano, the 87-year old President is trying to do his bit. The clashes that arose between Bersani and Berlusconi during the first 2 months of this year while the election campaign was ongoing, is still making it difficult for both the leaders to come into terms. Incidentally, Napolitano is currently serving the last 2 months of his 7-year long term. He is counting on the lawmakers loyal to Berlusconi and Bersani to come up with a common ground. According to the History Professor of Luiss Guido Carli University, Giovanni Orsina, Napolitano is trying to create a road map towards a coalition Government.

Incidentally, Italy is now stuck into the 4th recession since 2001 and each of the top 3 political groups has proposed to cut taxes in an attempt to spur the economic growth of this European country. For financing the debt of Italy, investors buy more than $38 billion of bonds every month. They are currently looking for a deal that will ensure formation of a new Government. It should be strong enough to pass measures for boosting Italian economy and managing a good budget.

Many investors feel that current stagnant condition of Italy is by no way helpful for the economy and the political parties should resolve the issue pretty soon. Otherwise, Italy may well go further deep into recession. Berlusconi, incidentally, has already agreed to become a part of the coalition Government that may be headed by the Democratic Party of Bersani. Bersani, however, had refused to share cabinet with Berlusconi earlier. On 28th March, he took a step back though and relinquished control of all the negotiations to happen.