The Latest: Italy's populist govt wins 1st confidence vote

Premier Giuseppe Conte, left, is congratulated by Interior Minister Matteo Salvini after addressing the Senate, in Rome, Tuesday, June 5, 2018. In his first policy statement, Conte addresses the upper Senate chamber on Tuesday and the lower Chamber of Deputies on Wednesday, capping an extraordinary week that saw the installation of Western Europe's first populist government after three months of political and financial turmoil. (Angelo Carconi/ANSA via AP)
Premier Giuseppe Conte, center, is brought a coffee as he is flanked by 5-Star Movement leader Luigi di Maio, left, and League leader Matteo Salvini before delivering his speech at the Senate, in Rome, Tuesday, June 5, 2018. In his first policy statement, Conte addresses the upper Senate chamber on Tuesday and the lower Chamber of Deputies on Wednesday, capping an extraordinary week that saw the installation of Western Europe's first populist government after three months of political and financial turmoil. (Giuseppe Lami/ANSA via AP)
Italian Premier Giuseppe Conte looks up as he addresses the Senate, in Rome, Tuesday, June 5, 2018. In his first policy statement, Conte addresses the upper Senate chamber on Tuesday and the lower Chamber of Deputies on Wednesday, capping an extraordinary week that saw the installation of Western Europe's first populist government after three months of political and financial turmoil. (Angelo Carconi/ANSA via AP)
Premier Giuseppe Conte addresses the Senate, with 5-Star Movement leader Luigi di Maio sitting behind him, in Rome, Tuesday, June 5, 2018. In his first policy statement, Conte addresses the upper Senate chamber on Tuesday and the lower Chamber of Deputies on Wednesday, capping an extraordinary week that saw the installation of Western Europe's first populist government after three months of political and financial turmoil. (Giuseppe Lami/ANSA via AP)

ROME — The Latest on Italian politics (all times local):

8:45 p.m.

The alliance of the anti-establishment 5-Star Movement and the right-wing League has won a confidence vote in Italy's upper chamber of Parliament, a crucial step in launching western Europe's first populist government.

The alliance received 171 votes in favor, 116 against and 25 abstentions, well beyond the minimum votes needed to pass the Italian Senate. Lawmakers are set to cast confidence votes Wednesday in the lower Chamber of Deputies, where the two parties also have a majority.

In his first policy address Tuesday, Premier Giuseppe Conte denounced Europe's "failed" immigration policy and warned Italy would renegotiate its fiscal regulations. But he also stressed that Italy had no plans to leave the euro.

___

6:45 p.m.

Italian Premier Giuseppe Conte has assured Parliament that leaving the common European euro currency is "not up for discussion" and never was, as he seeks to reassure Italy's European partners about his populist 5-Star-League coalition government.

But Conte also says Italy does want to renegotiate fiscal policy with the European Union.

Conte was speaking Tuesday in his first policy foray, outlining his government agenda before the Senate ahead of a confidence vote later in the day.

Replying to senators who pressed him on the government's EU agenda, Conte said: "Leaving the euro was never up for discussion. It is not up for discussion."

The euro is shared by 19 EU nations.

___

3:15 p.m.

Italy's opposition Democratic Party says the country's new populist 5-Star-League coalition government may have some good intentions but has no specific ways to finance them or firm proposals for giving young Italians a better future.

Democratic leader Maurizio Martina called the speech Tuesday by new Premier Giuseppe Conte generic "propaganda."

Democratic Sen. Franco Mirabelli said it was perfectly good idea to call for decent salaries and speeding up public works contracts. "But the point is: How do you do it? With what resources?"

Mirabelli also harshly criticized Conte for what he said was not paying enough attention to Italy's fight against the mafia, noting that the country's new interior minister was in Sicily on Sunday "and didn't say a word" about organized crime.

The Democrats plan to vote against the new government in confidence votes later Tuesday and Wednesday. The 5-Stars and League have slight parliamentary majorities.

___

1:45 p.m.

Italian Premier Giuseppe Conte has declared the Europe Union's immigration policy a "failure" and demanded it be renegotiated as he outlined the policy agenda of the populist 5-Star Movement and League's "government of change."

In his first policy address, Conte insisted that Italy isn't racist and fully accepts its responsibilities to welcome and integrate legitimate refugees. But he said the EU must take on a greater burden, including in its negotiations with migrants' home countries and in sending back those who don't qualify for asylum.

Conte was interrupted nearly three-dozen times during his hour-plus-long speech before Parliament's upper Senate chamber before a confidence vote later Tuesday. He will deliver a similar address to the lower Chamber of Deputies on Wednesday.

Between them, the 5-Stars and League have a slight parliamentary majority.

___

11:25 a.m.

Italy's populist government will present its agenda to Parliament, where the anti-establishment 5-Star Movement and right-wing League have slim majorities that are expected to give Premier Giuseppe Conte the necessary votes of confidence to start governing.

In his first policy statement, Conte addresses the upper Senate chamber on Tuesday and the lower Chamber of Deputies on Wednesday, capping an extraordinary week that saw the installation of Western Europe's first populist government after three months of political and financial turmoil.

Conte's address is expected to draw heavily from the 5-Star-League's 57-page government agenda, which calls for a two-tiered flat tax, a basic income for poor Italians and pension reform — a heavy spending platform that economists and EU policymakers worry will increase the country's debt burden, already Europe's heaviest after Greece.

Other News

Great Lakes no help for a struggling Trump on road to 270

Aug 15, 2016

Donald Trump needs a place to reset the electoral map, and he seems to be looking at the industrial heartland states on the Great Lakes.

Global stocks drift lower as investors await US data

Aug 16, 2016

Shares were lower across global markets on Tuesday in sluggish trading, while oil prices resumed gains

Hedge-fund manager Cohen settles with US commodities agency

Aug 16, 2016

Billionaire hedge-fund manager Steven A. Cohen agrees to stay away from commodities business in deal with US agency

The Budget Report seeks to provide comprehensive coverage and analysis on the current economic, financial issues around the world. First hand finance and economic news all day, every day.

Contact us: sales@thebudgetreport.com