ROME (Reuters) - Silvio Berlusconi's centre-right People of Freedom party pledged on Friday not to trigger a disorderly crisis that could alarm financial markets as Italy began to look forward to an election in the first few months of next year.
People of Freedom (PDL) secretary Angelino Alfano told parliament that the party's withdrawal of support from Prime Minister Mario Monti in two confidence votes on Thursday had shown its disapproval without bringing down the government.
"Yesterday we did not give a vote of no confidence because we consider the experience of the Monti government has come to an end but we don't want to send the institutions and the country into chaos," Alfano said.
Pier Luigi Bersani, head of the centre-left Democratic Party, which is leading in opinion polls, said his party would continue to support Monti.
Following several weeks of relative calm, which saw market confidence improve and Rome's borrowing costs come down steadily, investors have once again been ruffled by Italy's political troubles, although reaction has not been extreme.
The spread or difference between yields on Italian 10-year bonds and German counterparts that are considered less risky widened to 326 basis points on Friday although it is still well off a peak of 553 points at the height of the crisis last year.
"At this stage, early elections would make almost no difference for financial markets," Barclays Capital analysts wrote, adding that the emergence of a stable government after the election was likely to be key to reassuring investors.
After changing his mind repeatedly in recent weeks, Berlusconi indicated on Wednesday that he was likely to seek a fifth term as prime minister and lead his divided party in the election now expected to be held by early March.
The PDL is expected to allow budget measures in the so-called Stability Law to pass when it comes before parliament for final approval some time before Christmas, ensuring that deficit reduction goals are maintained and the budget is approved.
Former PDL minister Altero Matteoli said party officials were now talking about a possible election date on March 10 but there was no official confirmation.
NO CHANGE ON ELECTORAL LAW
Alfano met President Giorgio Napolitano on Friday to discuss the crisis but he made no comment on the substance of the talks.
The decision to break with Monti's technocrat government, which the PDL has backed in parliament since it was appointed last year, was widely interpreted as an attempt by Berlusconi to hold the party together in the face of falling approval ratings.
It also effectively ends hopes of a change to the current much-criticized electoral law and means next year's vote is likely to be held under a system which analysts say could allow the PDL to retain significant strength in the upper house.
Berlusconi is expected to lead the party in next year's election campaign on a platform attacking Monti's austerity policies after he accused the former European Commissioner on Wednesday of dragging Italy "to the brink of a precipice".
Napolitano, who is responsible for calling an election which must take place no later than April, said on Thursday that he did not intend to allow Monti's term to end in chaos and would ensure the stability of Italy's institutions.
In a sign that tensions had calmed after drama in parliament on Thursday, Monti left Rome for Milan to attend an opera.
Two opinion polls published on Friday showed that the Democratic Party had increased its lead over political rivals.
(Writing by James Mackenzie; Editing by Stephen Powell)
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