Italian PM Mario Draghi resigns after dramatic week
Italian PM Mario Draghi resigns as prime minister of Italy, a year-and-a-half after he took the role.
He told President Sergio Mattearella he was standing down after three parties – that make up his coalition government – refused to back him in a confidence vote.
The president asked him to stay in a caretaker role – elections are now expected in autumn.
The prime minister remains a popular figure in Italy
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Milan stock market drops as PM resigns
He was dubbed Super Mario for how he handled the eurozone crisis as head of the European Central Bank.
In February 2021 he was tasked with guiding Italy through the pandemic and economic recovery – bolstered by a big EU package conditional on major reforms.
He handed in his resignation a week ago when the 5 Star movement (one of the parties in the coalition) refused to back his economic package – stirring up a political crisis.
The president tasked him to stay in his role, and on Wednesday he told the upper house of parliament he would continue if the political parties were ready to back the government with a “new pact of trust.”
Italy waited on a knife’s edge for several hours, before three parties said they would not back him in a vote of confidence.
Before heading to the presidential palace, Mr Draghi addressed the lower house of parliament and received a round of applause.
The Milan stock market drops as PM resigns – market sees a dip of a further 2 per cent on Thursday after falling the previous day too.
President Mattarella said his government would remain in office to handle current affairs but did not say what will happen next.
Elections were due in the first half in 2021, but are most likely to be brought forward to October.
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