Dodging the Italian gambling bullet

The news that the Italian president, Sergio Mattarella, has vetoed a proposed finance minister put forward by a political party coalition following hung national elections in March has enabled the Italian gambling industry to dodge what could have been a damaging political bullet.

The coalition comprised the two radical political party winners in the election – Five Star and the League – both of which had earlier taken anti-gambling positions, threatening restrictions on operations and advertising should they come to power (see previous reports).

The coalition collapsed over the weekend following the president’s decision to veto the proposed 81-year-old finance minister put forward. The president said he could not appoint the Eurosceptic Paolo Savona to the post, citing concern from investors at home and abroad.

Instead, the Italians will now have to vote in a new election, probably early next year, in the hope of a more definitive result.

On Monday President Mattarella appointed the highly respected former IMF executive Carlo Cottarelli as interim prime minister in what is likely to be a difficult balancing act given the turmoil in Italian politics at present. Five Star and League politicians have already threatened to reject Cottarelli’s appointment in parliament.

Cottarelli became known as “Mr Scissors” for his cuts to public spending in Italy whilst an IMF official.