Mario Draghi Resigns As Italy’s Prime Minister

Italy’s Prime Minister has resigned over failed efforts to resolve the crisis among factions in his government.

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Mario Draghi As Italy’s Prime Minister

Draghi, an unelected former central banker has led a broad coalition for 18 months, tendered his resignation in a meeting with President Sergio Mattarella.

Mattarella’s office said the head of state had “taken note” of the resignation and asked Draghi to remain in a caretaker capacity.

Mattarella plans to meet the speakers of both houses of parliament on Thursday afternoon. Political sources said earlier this week that he would likely dissolve parliament and call early an election in October.

“Italy betrayed”, the Repubblica daily frontpage cried, while the Stampa ran with “For Shame”.

A bloc of conservative parties, led by the far-right Brothers of Italy, looks likely to win a clear majority at the next election, a study of opinion polls showed this week.

Draghi’s coalition crumbled on Wednesday when three of his main partners snubbed a confidence vote he had called to try to end divisions and renew their fractious alliance.

His downfall comes in spite of recent polls suggesting most Italians wanted Draghi to stay at the helm until the scheduled general election next May.

Anxious investors were watching closely as the coalition imploded.

The European Central Bank was due Thursday to unveil a tool to correct stress in bond markets for indebted eurozone members, such as Italy.

The spread — the difference between 10-year Italian and German treasury bonds — widened to 215 points by market close on Wednesday.

Milan’s market dropped 2.0 percent on opening Thursday.

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