Italian Prime Minister Draghi resigned after failing to hold the coalition government

Italian Prime Minister Mario Draghi has resigned after failing to win the support of coalition partners. He submitted his resignation letter to President Sergio Mattarella on Thursday. Reuters news.

He resigned when the unity government led by Draghi collapsed. The country fell into political uncertainty. This has affected financial institutions.
In a statement, the president’s office said Draghi’s resignation was accepted by the head of state and he was asked to continue as caretaker prime minister. In the afternoon, the president is scheduled to meet with the speakers of both houses of parliament.
Draghi announced a vote of confidence in the parliament on Wednesday in order to remove the divisions in the alliance and restore unity. But the coalition government collapsed when the three parties of the main partners did not agree.

Italy lost months of stability during this political crisis. Draghi, a former president of the European Central Bank, helped Europe to respond strongly to Russia’s aggression in Ukraine during his tenure.
Earlier, Draghi announced his resignation on July 14. He made the announcement after losing the support of his coalition party Five Star in a trust vote. But then President Mattarella refused to accept Draghi’s resignation.

The Five Star Party wanted more government aid for people suffering as the Ukraine war fueled inflation. They asked the government for a package of 19.5 billion pounds for the family and business sectors. But Draghi did not agree. Basically, with this, the relationship between the two parties visibly deteriorates.

After the president did not accept his resignation, Draghi tried to get a vote of confidence again. But it was no longer possible if the three alliance partners did not agree. Finally he was forced to resign.

In the 2018 elections, the ruling coalition won the most seats. Italy is due to hold general elections next year.