An Italian centrist party quit its alliance with the Democrats days after agreeing to join forces in a bid to prevent a right-wing landslide in September elections triggered by the fall of Prime Minister Mario Draghi's government.
Carlo Calenda, the leader of the Azione party, said during an interview with national broadcaster Rai that the pieces just didn't fit together.
There is no courage, beauty, seriousness, and love in doing politics, and I am not comfortable with this, so I told the leaders of the Democratic Party that I do not intend to continue with this alliance, Calenda said.
Another centrist party won't leave the block. Europe signaled it would remain in a now-diminished Democratic-led coalition for the Sept. 25 vote, according to a statement on Sunday.
Italian 10 year borrowing costs fell to 3.02%, erasing an opening advance. Their German counterparts were even lower, widening the spread between the pair by four basis points to 211 basis points and snapping a three-day run of declines.
Azione s move came a day after the Democrats dissolved an alliance with Sinistra, a far-left party, and Verdi, Italy's green party. Another grouping, led by the outgoing Foreign Minister Luigi Di Maio, a former Five Star leader, agreed to team up with the Democrats.
The Democrats' attempt to cement alliances with parties ranging from center to far left has been seen as an attempt to head off a victory by the right-wing bloc of Brothers of Italy, headed by Giorgia Meloni.
According to an RTL interview, Meloni, 45, said she will be the prime minister if her party gets the most votes in the coalition.
The right-wing coalition is headed for a decisive win, with a chance to win two-thirds of the majority in both houses of parliament, according to polls.
After 2020, about 37% of seats will be allocated to party candidates that win the most votes in constituencies, while the rest will be allocated in proportion to the number of votes they receive nationally. The system encourages parties to form coalitions because it increases their chances of winning the first-past seats.
The Democratic Party leader Enrico Letta warned that the move could help the right wing, he added in an interview to Italian daily La Stampa on Monday that he is still confident that the Democratic Party can have a prominent role.
The departure of the former European Central Bank head has fueled investor concerns about Italy's public finances and resulted in a widening of the risk premium between Italian and German bonds.
A change in government could affect Italy's commitment to meet the European Union recovery fund targets, which call for reforms to unlock about 200 billion euro $204 billion in grants and loans. Moody s Investors Service cut Italy's outlook to negative on Friday, citing an increase in political and policy uncertainty after the end of the Draghi government and the fallout from the war in Ukraine.
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