Italian Prime Minister Mario Draghi Moves To Resign, Leaving Government In Turmoil

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Forbes MC Staff   Forbes Monaco

Italian Prime Minister Mario Draghi Moves To Resign, Leaving Government In Turmoil

Topline

Italian Prime Minister Mario Draghi said Thursday he would resign following a fracture in his unity coalition, throwing the country into political chaos.

Key Fatcs

Populist party the Five Star Movement – which was parliament’s largest party until a split last month – refused to participate in a confidence vote that included around $23 billion in economic aid amid the energy crisis, as well as a provision to install a trash incinerator in Rome.

The Five Star Movement, which is led by Draghi’s predecessor as prime minister, Giuseppe Conte, found the relief measures inadequate and was opposed to the incinerator.

Although the vote passed despite Five Star’s boycott, Draghi said he would not continue to lead a unity government that is now fractured.

Draghi has led Italy with a unity government – or a broad coalition that includes all the country’s parties – since February 2021.

Italian President Sergio Mattarella rejected Draghi’s resignation, Reuters reported, telling him to address parliament to see if he has majority support.

Key Background

Dubbed “Super Mario,” Draghi has led Italy through a successful Covid vaccination campaign and expanded the country’s influence in Europe. Before becoming prime minister, Draghi was president of the European Central Bank and is credited with saving the euro.

Crucial Quote

“I want to announce that this evening I will my tender my resignation to the president of the republic,” Draghi said Thursday, according to the New York Times. “The majority of national unity, which supported this government since its inception, no longer exists.”

What To Watch For

The Italian parliament’s term is expected to expire in 2023, but should the government dissolve, an early election in late September could occur.

Tangent

Draghi’s resignation is yet another blow to Italy, as the country suffers from extreme drought and soaring energy prices.

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Forbes MC Staff   Forbes Monaco