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Italy's populist government wins Senate confidence vote; PM rules out euro exit

Italy's newly installed populist government won a confidence vote in the country's Senate after Prime Minister Giuseppe Conte vowed to pursue radical policies, but ruled out leaving the euro.

The coalition government formed by the anti-establishment Five Star Movement and League won more than the required number of Senate votes, with 171 in favor, 116 against and 25 abstentions, according to the Associated Press.

Ahead of the confidence vote, Conte addressed the Senate to outline the government's policy agenda, including proposed tax cuts and higher welfare spending. He also said Italy would renegotiate EU fiscal regulations, but had no plans to quit the common currency.

"Leaving the euro was never up for discussion. It is not up for discussion," the Associated Press quoted Conte as saying.

The yield on 10-year Italian government bonds gained 20 basis points after Conte's speech. Bond yields rise as prices fall.

The lower chamber of the Italian parliament is set to hold a confidence vote June 6. The populist government has been expected to get approval from both houses, where the Five Star Movement and League hold a majority.