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Mario Draghi announces his resignation, the president refuses it

“I want to announce that this evening I will submit my resignation to the President of the Republic”: Italian Prime Minister Mario Draghi, faced with the crumbling of his coalition, announced in the Council of Ministers that he would resign on Thursday evening.

A resignation refused in the evening by President Sergio Mattarella: “The President of the Republic did not accept the resignation of the President of the Council and invited him to appear in Parliament (…) so that an assessment of the situation could take place”announced the presidency.

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The political crisis precipitated after the decision of the 5 Star Movement (M5S, antisystem), member of the ruling coalition, to boycott a vote of confidence in the Senate on Thursday afternoon.

“We must respond to the growing social malaise in a clear and decisive way. The irresponsible are not us, they are those who do not give the country an answer”had justified Mariolina Castellone, head of the senators of the M5S, explaining that this text did not meet, according to her, the needs of the country, even if Mario Draghi had made their non-participation a casus belli leading to his resignation.

“Today, we are not taking part in the vote on this decree-law. »

Senator Maria Domenica Castellone after her speech in the Senate, in Rome, this Thursday, July 14.

A “national unity” coalition

Mario Draghi nevertheless had a majority to govern even without the 5 Stars, but the former head of the European Central Bank had repeatedly affirmed that there would be no government without them.

He had indeed arrived in business at the start of 2021 to form a coalition of“national unity” capable of overcoming the pandemic emergency and the ensuing economic crisis. However, without the support of the M5S, he considers that his government becomes ” Politics “ and considers that it was not mandated to lead a cabinet of this nature.

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“It seems for the moment that he has no intention of returning to parliament to see if he has another majority”analyzed for AFP Franco Pavoncello, professor of political science at the American University of Rome John Cabot.

The story is Italian, and therefore complicated: the decree-law at the center of the political crisis also contains a measure to facilitate the construction of a garbage incinerator in Rome, which the M5S are opposed to.

The M5S opposes incinerators which, according to them, are expensive, polluting, inefficient and do not encourage the population to sort waste. They also demand the establishment of a minimum wage and a citizen’s income.

For Lorenzo Codogno, former chief economist of the Italian Treasury and visiting professor at the London School of Economics, the solution could be a possible government “Draghi Bis” or with another Prime Minister to manage current affairs and lead the country to the legislative elections of early 2023, because the President of the Republic, Sergio Mattarella, does not want elections in September.

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The Head of State intends to avoid a time-consuming campaign and ballot at a time when the country is facing the consequences of Russian aggression against Ukraine, facing a new wave of Covid, must prepare the 2023 budget and put in place all the measures requested by the European Union to benefit from the approximately 200 billion euros granted to Rome within the framework of the EU system.

The Milan Stock Exchange drops

Even before this very political announcement, the Milan Stock Exchange had fallen by more than 3% on Thursday afternoon and the cost of Italy’s debt had started to rise again, a sign of the nervousness of the markets in the face of tensions within the government.

Around 2:45 p.m. (12:45 GMT), the FTSE MIB index lost 3.12% to 20,622.12 points, pulled down by banking stocks and thus suffering the largest decline in European markets.

The fall accelerated while the 5 Star Movement (M5S), a member of the ruling coalition, confirmed that it was not voting for confidence on a text discussed in the Senate, thus compromising the maintenance of the government.

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Mario Draghi assured that there would be no government without M5S nor a Draghi-bis government without M5S. “There is no other Draghi government than this one”he warned on Tuesday.

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