ROME, July 21 – Mario Draghi, the prime minister of Italy, submitted his resignation to President Sergio Mattarella on Thursday after his unity government disintegrated, throwing the nation’s politics and financial markets into disarray.
The president of state “took notice” of the resignation, according to a statement from Mattarella’s office, and urged Draghi to continue in a caretaker position.
What Mattarella will do next was not specified in the statement. Earlier in the week that, political insiders predicted that he would dissolve parliament and call for early elections in October.
On Thursday in the evening, Mattarella intends to meet with the speakers of both houses of the legislature.
On Wednesday, three of Draghi’s key allies refused to participate in a vote of confidence he had scheduled in an effort to mend fences and revive their contentious coalition, which led to the collapse of Italy’s government.
Months of tranquility in Italy have been upended by the political turmoil; during that time, respected former central banker Draghi helped formulate Europe’s firm reaction to Russia’s incursion of Ukraine and improved Italy’s reputation on the financial markets.
On Thursday, Italian bonds and stocks experienced a significant decline as markets prepared for the European Central Bank’s first interest rate increase since 2011.
News Source: CRUCIAL NEWS GLOBAL
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