August 16, 2022

Super Mario Draghi Resigned

 

Super Mario Draghi, Italian Prime Minister resigned as his coalition falls apart.

Mario Draghi, the Italian prime minister, will quit hours after populist coalition partner Five Star withdrew its support in a significant confidence vote.

Since February 2021, the former head of the European Central Bank has led a unity government.

He said in a statement that the trust pact that had kept the unity government together had been broken.

“This evening, I will tender my resignation to the President of the Republic,” he stated.

The crisis in the EU’s third-largest economy began when Five Star leader Giuseppe Conte refused to support the government.

The controversial €23 billion (£19.5 billion) package of economic relief for people and businesses suggested “Super Mario” Draghi was not doing enough to address the cost of living crisis.

Even though the government easily won Thursday’s Senate vote, the prime minister had repeatedly warned that the government could not continue without the support of Five Star.

After contemplating his future, he went to see President Sergio Mattarella and made his resignation announcement.

 “Today’s votes in Parliament are extremely important from a political standpoint. The national unity majority that has backed this government since its inception is no longer present “He stated.

Elections were scheduled for early 2023, but Mr. Draghi’s exit means they will be moved up to the autumn.

Attempts were made to resolve the problem right up before the Senate vote. The Milan stock exchange fell 3% as investors became concerned.

President Sergio Mattarella selected the 74-year-old former ECB chief last year to save Italy from endemic instability and to oversee the post-pandemic recovery.

At first, five Star was the coalition’s largest party but has witnessed a wave of defections and dwindling support. Former party leader Luigi di Maio accused the party of a devious plot to destabilize the Draghi government to bolster its own support while leading Italy into an economic and social disaster.

President Sergio Mattarella appointed the former ECB chief last year to save Italy from endemic instability and to manage the post-pandemic recovery. However, Mr. Draghi is now surrounded by political upheaval in Italy’s fractured Parliament.

Former Italian Prime Minister Paolo Gentiloni, the European Union’s Economy Commissioner, said earlier that the EU’s executive was observing developments in Rome “with necessary detachment, but with worrying astonishment.”

 

Read More on World News.

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