The Italian PM Mario Draghi handed his resignation to President Sergio Mattarella on Thursday hence effectively leaving the country in political turmoil.
You may be aware that Italy is the third largest economy in the European Union. This resignation happened after the coalition’s largest partners such as the 5-Star movement, Forza Italia and far right league boycotted a confidence vote in government on Wednesday night.
The Italian president accepted the resignation and is planning to have a meeting with the speakers of parliament on Thursday afternoon. This will be followed by a snap-election.
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The trouble started for the Premier when the 5-Star movement withdrew its support in parliament confidence vote.
Draghi previously stated that he cannot lead a government where the 5-Star movement is included. The first resignation was rejected by the President who urged the PM to stay and look for a solution.
After the Italian government was nearly collapsing, the country’s stock market went down by 2.5 percent.
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