Market Updates
Draghi Resigns Again Plunging Italian Politics In Deeper Turmoil
Bridgette Randall
21 Jul, 2022
New York City
Italian Prime Minister Mario Draghi resigned for the second time in as many weeks after winning the confidence vote boycotted by three coalition partners.
Draghi decided to resign after three coalition partners - the center right parties The League and Forza Italia and the populist 5-Star Movement - withdrew its support to the 17-month old national unity government..
Draghi will continue as a "caretaker" prime minister until the president Sergio Mattarella decides next steps.
Italy is most likely to head to a general election as early as September delaying the annual budgetary process and the release of the European Union's $20 billion pandemic aid.
For a week, Prime Minister Draghi worked with different factions in his National Unity government but failed to resolve differences on how to allocate government expenses and help struggling families and businesses.
Two weeks ago, taxi unions across the nations held protests against the Draghi's plan to open up the industry to more competition.
Despite the unprecedented outpouring of public support for Draghi's leadership, a series of pro-Draghi rallies by some 1,000 mayors across the nation and a unified support offered by the leading newspapers, three coalition partners pulled their support.
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