Mario Draghi Resigns As Prime Minister, Causing Political Upheaval In Italy.

ROME – After Prime Minister Mario Draghi resigned following the collapse of his national unity government, causing financial markets to tremble, Italy will hold a snap national election on September 25.

It will be the first autumn national election in Italy in more than a century, where the second half of the year is usually devoted to passing the budget law through parliament.

It will almost certainly be a fractious campaign fought in the sweltering summer heat of a drought-stricken country.


  • Summary
  • Italy set to hold election in September
  • PM Draghi resigns after key partners shun confidence vote
  • President asks him to stay on as caretaker
  • Markets fall heavily over political crisis

ROME, July 21 (Reuters) – Italy will hold a snap national election on Sept. 25 after Prime Minister Mario Draghi resigned following the collapse of his national unity government, sending tremors through financial markets.

It will be the first autumn national election for more than a century in Italy, where the second half of the year is normally taken up with getting the budget law through parliament.

It is likely to be a fractious campaign fought in the fierce summer heat in a drought-hit country.

Advertisement · Scroll to continue

A bloc of conservative parties, led by the far-right Brothers of Italy, looks likely to win a clear majority at the ballot, a study of opinion polls showed this week.

Draghi, an unelected former central banker who has led a broad coalition for almost 18 months, handed in his resignation earlier on Thursday and was asked by President Sergio Mattarella to stay on in a caretaker capacity.

“We must deal with the emergencies related to the pandemic, the war in Ukraine, inflation and the cost of energy,” Draghi told cabinet colleagues.

He said that the government must also implement the National Recovery and Resilience Plan that sees Italy tapping billions of euros of post-pandemic European Union funds in return for reforms.

Although the vote is set for the end of September, it might take weeks of haggling before a new administration is sworn in.

Draghi’s coalition crumbled on Wednesday when three of his main partners snubbed a confidence vote he had called to try to end divisions and renew their troubled alliance.

He had sought to reassert his authority as parties began to pull in different directions before the planned end of the legislature in the first half of next year. – Reuters

Facebook Comments

Subscribe

Related articles

spot_imgspot_img
%d bloggers like this: