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Italy's Prime Minister joins the majority as Senate support grows

(Bloomberg) – A group of senators will switch allegiances to support Prime Minister Giuseppe Conte's ruling coalition, which according to those familiar with the talks, may earn him a clear majority in the upper house. Legislators plan to abstain on a crucial point The vote of confidence later Tuesday lowered the threshold the prime minister needed to win and asked not to be named to discuss private talks. You could then support Conte when the Senate votes on new deficit spending on Wednesday. The group wants to give Conte enough support to stay in power while also signaling that their support is not strictly necessary to keep their leverage, the People said. Conte could still get a clear majority on Tuesday, which would strengthen his hand. The result of the vote of confidence in the Senate is due around 8:30 p.m. Local time. Italian bonds rebounded on the news, sending ten-year bond yields down four basis points to 0.59%. The new group of supporters comes after seven senators pledged to support Conte during a debate in the House of Lords on Tuesday. Conte is seeking a full majority after a junior party led by ex-prime minister Matteo Renzi left the government after a conflict over the European Union's recovery funds. Renzi kept the senators guessing whether he would abstain and fired a virulent broadside at Conte, whom he had dismissed as provincial, inexperienced and weak. Renzi also accused him of promoting government jobs to save his term in office: "You can't change ideas, to stick to your job, to have the strength to do something else, to give the country a meaningful message," said Renzi On Monday evening, Conte started a magic offensive in the House of Commons with his speech in the Senate on Tuesday morning. He appealed to pro-European centrists, unaffiliated lawmakers and senators of the Italian Renzi party to change the electoral law, give up control of secret services and reassign some cabinet posts: "We ask all political and parliamentary forces who care about the fate of Italy, to help us start all over again as soon as possible, ”said Conte. "Help us heal the wound that the crisis has caused in the trust treaty with the citizens." Read more: Conte's chameleon law gives him the opportunity to stay in the Italian crisis executive just as it is against a worsening one Pandemic and recession battling. The country has also assumed the presidency of the Group of 20. Political maneuvers are likely to dominate for the next few weeks as Conte, who once headed a Eurosceptic cabinet, seeks to cement support for his cabinet from new supporters. Nonetheless, Conte's luck continues to reduce the risk of early elections, which would be unlikely even in the event of the Prime Minister's surprise defeat. In the House of Commons, Conte received support from 321 of the 629 legislators. Italy Alive senators have pledged to abstain from Tuesday's vote of confidence instead of casting votes against the government. (Adds Renzi comments in paragraph six.) For more articles like this, visit bloomberg.com. Subscribe now to stay ahead of the curve with the most trusted company in news source. © 2021 Bloomberg LP

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