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Ex-Italy PM Renzi on a creating a spin-off party: 'Everything is possible in crazy Italian politics'

Italy's former Prime Minister Matteo Renzi refused to rule out creating a spin-off party in the future, but told CNBC that dealing with the immediate threat of the right-wing Lega party was his initial concern.

Renzi resigned as leader in late 2016 but is still a prominent member of the Democratic Party (PD) which has just entered into a new coalition in Rome with left-wing rivals the Five-Star Movement (M5S). Renzi told CNBC's Joumanna Bercetche Thursday that he would not take up a ministerial role in the new coalition due to his grievances with M5S, describing personal attacks made against him.

But Renzi spoke of the possibility of creating a spin-off group from PD, but only once the new coalition had dealt with Lega and its populist leader Matteo Salvini.

"We will see," he said when asked about his future. "Everything is possible in crazy Italian politics."

"Let me be honest with you, I am a very lucky man. I became mayor of Florence — the most beautiful city in the world — when I was 34 years old. I became the youngest prime minister in Italy ... when I was 39 ... So I am really happy for my life. I don't need to write a new page because this is my priority, my desire, I am really happy with myself," he added.

He described a necessity to invest in a new direction for Italy and said the internal divisions in his party — and the wider political left — would only be discussed after Salvini was blocked from gaining power.

Salvini and the Lega party may have been ousted from government due to the new M5S-PD pact this week, but opinion polls suggest Lega is the most popular party in the country and political experts are eagerly anticipating Salvini's next move.

A former deputy prime minister, Salvini called for a snap election earlier this month, declared the populist Lega-M5S coalition unworkable and pushed for a no-confidence vote in Prime Minister Giuseppe Conte which ultimately failed.