Italy’s parliament will vote twice on Friday to elect a new president, as the lack of progress after four days of inconclusive ballots adds to pressure to end a process that’s left the country in limbo.
A total of 1,009 lawmakers from the upper and lower chamber, together with regional representatives, will cast ballots at 11am and 5pm. Rome time. A majority of 505 votes is required.
Center-right parties led by League leader Matteo Salvini have said they will vote for Senate leader Maria Elisabetta Alberti Casellati, in the first real attempt to break the impasse. Party control over lawmakers is difficult though, given each deputy casts his or her ballot secretly.
The election of Sergio Mattarella’s successor started on Monday. There’s no sign that a winner is emerging, with talks appearing increasingly stuck. Prime Minister Mario Draghi remains an option, particularly if alternative candidates put forward by parties were to fail.
For investors, the main risk is that a political crisis leads to early elections that would threaten Italy’s ability to deliver on reforms and receive more than 200 billion euros ($223 billion) of European Union funds. The yield on Italy’s 10-year bond was at 1.34% as of 11:09am in Rome, up 4.4% on the day.
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