ROME, May 7 (Xinhua) -- In a bid to break a 64-day political stall that has left Italy without a new government since national elections in early March, President Sergio Mattarella on Monday gave deadlocked parties two options -- either the naming of a "politically neutral" executive to steer the country through December 31, or a return to the voting booth this year.

In an eight-minute speech to the nation, Mattarella explained the advantages of the first option and the disadvantages of the second.

A neutral government named by him would pass a budget law and a new electoral law, paving the way for new elections in early 2019. The interim executive would also be bound to step down if political leaders come up with a working majority before the end of the year, Mattarella said.

The president made his remarks after the failure earlier in the day of a last-ditch effort to mediate between the three contenders that emerged from the inconclusive March 4 elections, none of which won enough votes to form a government on its own -- a center-right bloc led by the rightwing League, the populist Five Star Movement, and the center-left Democratic Party.

Every possible alliance combination between these three was explored, but the parties refused to set aside their differences and cooperate to form a government, Mattarella said.

"Whatever decisions the political parties will make, we are duty-bound to give rise to a new government," the president continued. "We cannot wait any longer."

Mattarella chastised the parties for conducting "needlessly harsh and argumentative" electoral campaigns, which he said probably reduced the chances of their coming to an agreement.

He reminded policymakers that Italy can't afford to be left out of "imminent and important" European Union (EU) deadlines, such as a June summit when key decisions will be made regarding immigration, the common budget for the next seven years, and the euro.

Mattarella went on to outline why in his opinion, snap elections would be damaging to the country -- a summer vote would make it hard for millions of holiday travelers and seasonal workers to cast their vote.

While fall elections would make it impossible to approve a new budget law by the end of the year, putting the country's fragile economic recovery at risk and exposing it to "offensive maneuvers from financial speculation" on international markets.

"It is up to the political parties to freely choose, in parliament, between these two alternative solutions," Mattarella concluded.

In response, most of the center-right bloc, as well as the Five Star Movement, said they favor repeat elections this year, while the Democratic Party said it supports Mattarella's proposal for an interim neutral government, ANSA news agency reported.