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TEHRAN, June 01 - A populist anti-austerity government will be sworn in Friday in Italy after a last-ditch coalition deal was hammered out to end months of political deadlock, narrowly avoiding snap elections in the eurozone's third largest economy.
TEHRAN, Young Journalists Club (YJC) - Italian financial markets jumped on the announcement of the new government formed by the anti-establishment Five Star Movement and nationalist League, which will take the oath at the presidential palace at 1400 GMT.
After weeks of political drama that had at one stage seemed certain to lead to new elections, President Sergio Mattarella named political novice Giuseppe Conte as prime minister for the second time in less than a fortnight and approved his revised cabinet.
Italian media reported that the lineup will face a vote of confidence on Monday or Tuesday in both houses of parliament, which it is almost certain to win thanks to Five Star and the League's combined majority in parliament.
"We will work to realize the political objectives included in the government contract. We will work hard to improve the quality of life for all Italians," Conte said after announcing his government team late Thursday.
The coalition plans to revive Italy's sluggish economy by rejecting austerity and increasing spending, and also wants to renegotiate EU treaties and review the bloc's economic governance.
Its ambitious economic proposals -- which include a monthly basic income for Italy's poorest and a two tier "flat" tax -- have worried Brussels and financial markets given Italy's massive 2.3 trillion euro ($2.7 trillion) debt.
Source: AFP
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