Five Star and League have the next 24 hours to form a government - ANZ

Analysts at ANZ explained that the Italian President gave Five Star and League the next 24 hours to form a government. 

Key Quotes:

"If successful, it will be the first "populist" government for a major Euro-area economy."

"The Five Star say they want to "change everything" while remaining within the EU and euro. Major focuses will be on fiscal policy (expansionary), the EU stability and growth pact and immigration."

"Rome is likely to disagree with Brussels current policy and seeks treaty change."

"The Five Star position before the elections was that a referendum on euro membership would only be a last resort if efforts to overhaul EU treaties fail."

"This will take time. The EU elections in May 2019 will be of major importance so existential risks appear contained for now."