Italy: Mario Draghi on departure after the implosion of his coalition

Italy: Mario Draghi on departure after the implosion of his coalition

Italian Prime Minister Mario Draghi was set to leave on Thursday, the day after a crazy day in parliament that saw his national unity coalition implode, sparking concern in the markets and in Europe.

Mr. Draghi is expected during the day at the President of the Republic Sergio Mattarella, to whom he should submit his resignation. The president could then pronounce the dissolution of parliament and call early elections for this fall.

In this case, Mario Draghi would then be responsible for handling current affairs until the appointment of his successor from the ballot box.

A conclusion expected after Forza Italia, the right-wing party of Silvio Berlusconi, the League, the far-right formation of Matteo Salvini, and the populist formation Mouvement 5 Etoiles (M5S) refused to participate in a vote of confidence requested on Wednesday by the Prime Minister in the Senate.

Even if he finally obtained confidence on the wire, these mass desertions are a disavowal for Mario Draghi, who had said he was ready to remain in his post provided that the parties of his coalition fall into line around a ” pact of government, already jeopardized last week by a first defection from the M5S.

Arrived at the head of the executive in February 2021 to get Italy out of the health and economic crisis, Mario Draghi presented his resignation on July 14 to President Mattarella, who immediately refused it.

Irresponsible »

Mr. Draghi believed that his government of national unity, ranging from the left to the extreme right, was null and void after the crisis caused by the defection the same day during a key vote, already in the Senate, of the M5S, him – even faced with strong internal dissension and a haemorrhage of parliamentarians.

The only solution, if we still want to stay together, is to rebuild this pact from its foundations, with courage, altruism and credibility.“, he said again on Wednesday. ” That’s what Italians are asking for,” added the former head of the European Central Bank (ECB), on the strength of polls stating that two-thirds of Italians wanted “Super Mario remains at the helm.

The internal (economic recovery, inflation, employment) and external (energy independence, war in Ukraine) challenges facing Italy and the EU demand a truly strong and united government and a Parliament that accompanies it with conviction“, he asserted.

His appeal was ignored by the heavyweights of his coalition, already with their eyes riveted on the upcoming election campaign. In the end, only the center and the left embodied by the Democratic Party (PD) remained at his side until the end.

The European Commissioner for the Economy, the Italian Paolo Gentiloni, judged ” irresponsible The parties having defected, while Brussels and its European partners have pressed for Mr. Draghi, a guarantee of stability, to remain in his post.

The markets are also scrutinizing the situation carefully. Italy’s cost of debt has risen again and the Milan Stock Exchange was down on Wednesday, a sign of market jitters over uncertainty in the euro zone’s third-largest economy.

The FTSE MIB index lost 1.60% to 21,348.42 points at the close, and the closely watched spread between German and Italian ten-year interest rates closed at 215 points, in up 3.02%, after rising to 220 points in session.

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