Italian right-winger: euro currency is "wrong"

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But Five Star, which has insisted on going it alone without forming a coalition, is expected to emerge as the largest single party in Italy's lower house, with 216-236 seats. Ten-year Italian government notes yielded 2 percent at the end of trading Monday, which was lower than a week earlier. "Ungovernable Italy" headlined the La Stampa newspaper.

According to exit polls, which can be wildly inaccurate, the centre-right alliance, which includes Silvio Berlusconi's Forza Italia, is set to be the biggest winning bloc.

Salvini said Monday the result indicates a center-right bloc will lead the next government and that his party had would lead the center-right, after eclipsing center-right ally partner Silvio Berlusconi's Forza Italia in the vote.

This was a reference to 5-Star and the League, who both said on Monday they must be in government, as investors dumped Italian government bonds.

He added the strong performance of Matteo Salvini's League party would mean the centre right coalition, if formed, will take a more populist tone while also warning a coalition between the M5S and the League remained an unlikely tail risk.

Di Maio spoke less than an hour after the head of the League made the same claim on the part of the center-right coalition, which collectively has more votes than the 5-Stars. He too said he was open to talking to other parties and that his party represented the entire nation, "which leads inevitably to government", Di Maio said, Reuters reported.

The 5-Star Movement considers itself an internet-based democracy, not a party, and views established political parties as a parasitic caste.

"Renzi has been obliterated in what is perhaps the shortest boom-to-bust cycle of Italy's political history", Francesco Galietti, political analyst at Policy Sonar, said in a note.

Regarding Italy meanwhile, "the complexity of the Italian voting system makes it very hard to establish what happens next and when, but neither of the anti-establishment. parties are an attractive option for markets or the euro", said Rebecca O'Keeffe, head of investment at Interactive Investor.

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Another far-right politician, France's Marine Le Pen, tweeted that the projected results signaled an anti-EU sentiment in the southern European country.

The anti-immigrant and eurosceptic party of Matteo Salvini, who like Donald Trump has never held public office, gained around 18 per cent, while Forza Italia won less than 14 per cent.

BBC Europe editor Katya Adler said that the results could be a nightmare come true for the European Union: "a coalition between the "populist Eurosceptics": Five Star and Lega [the League party]".

"All the fissures that Europe faces will be exacerbated by this government", he said. After that, Italian President Sergio Mattarella will consult with party leaders to figure out which coalition alternative has the highest chances of surviving a confidence vote.

During two months of grinding election campaigning, party leaders repeatedly ruled out any post-election tie-ups with rivals.

The European Union has insisted that Italy take charge of the newcomers, letting hardly any of them move to other EU states.

The negotiations to form a coalition government would be "prolonged and the outcome uncertain", he said.

While more reassuring for the markets, the PD, which has governed since 2013, has been the main target of 5-Star's vitriol.

As the final numbers are tallied, it is already clear that the typical balance between traditional parties and anti-establishment forces has been turned upside down: The once dominant center-left and center-right parties now share a combined one-third minority.