Italy will go to new elections on September 25 after the resignation of Draghi

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Italy will go to new elections on September 25 after Draghi's resignation

Mario Draghi played strong, lost clamorous and waited. one night to, as promised, submit his resignation if he failed to draw up a new government pact widely agreed upon by his allies. “As you can see, sometimes the heart of a banker is also used. Thank you for all the work done in this period,” he finally said, already completely resigned, before appearing early this Thursday before the president of the Republic. public, Sergio Mattarella. The Italian parties have thus put An end to 17 months of a government that had once again placed Italy among the greats of Europe and the world. With this, the country will celebrate new early elections on September 25.

An ending that has left the Italians speechless but that the right-wing parties have celebrated. The first was Giorgia Meloni, the head of the far-right Brothers of Italy, heir party to the post-fascist Italian Social Movement (MSI), known for its Eurosceptic, populist and anti-immigration ideas. The reason for his joy: having been the only great political force outside the Draghi Executive, Brothers of Italy is today the first party in Italy by voting intentions (close to 24%, when just four years ago it had just 5%), according to the latest available polls.

Italy will go to new elections on September 25 after Draghi's resignation

the 5-Star Movementlast Thursday-, Italy passed so It went from being one of the most listened to countries in Europe to being a cause of concern for its allies outside the European continent as well. Above all because, beyond After the initial blow of Draghi's resignation, what underlies is the fear of the coalition that may come to govern a country that is a member of the G7, the G20, and which is the third largest economy in the European Union (EU). Although the question is also whether the Italians will punish the political forces (in addition to the Brothers of Italy, the League of Salviniand the 5 Stars) who have rejoiced at the end of a government that has had a very high popularity (65% wanted Draghi to stay), for his management of the measures to contain the pandemic and its economic results.

Five governments in seven years

Once again, the management of the crisis has been in the hands of the elderly President Mattarella, who -with Draghi's- already has five transalpine governments that have fallen in his seven years in office. And, this time, after meeting with the presidents of the Italian Senate and Congress, Elisabetta Casellati and Roberto Fico, Mattarella has chosen to dissolve the chambers of Parliament, the step prior to calling elections general advances that were previously planned for the spring of 2023.

“The early dissolution of Parliament is always the last choice to be made, particularly if, as is the case in a period like this, there are many important duties to be faced in (defending) the public interest. of the country”, explained Mattarella. Along these lines, the elderly president has cited, among these duties, the continuous rise in inflation, the need to stop Russia's war in >Ukraine, and the commitments with the EU for the economic recovery of Italy. However, “the political situation that has arisen has led to this decision,” he explained. And yet, “I hope, even in the intense dialectical tone of the election campaign, a constructive contribution in the best interest of Italy”, he concluded the politician.

The risk premium skyrockets

Very clear and harsh statements that reflect the dikes that the President of the Republic wants to put in place to the drifts that the Italian political crisis may take. More than even the risk premium(the spread between the Italian bond and the German bond, considered more stable) has not stopped growing since it became known on Thursday that Draghi no longer had sufficient parliamentary support to keep his government alive. Thus, in just one day, that financial indicator went through the roof. from being below 200 points to around 230 (+6%) this Thursday. And a similar path also took her. The Milan stock market which, at the end of the day, closed lower (-0.7%), weighed down above all by the collapse of the banking sector and Italian public companies.

In truth, these dikes could be found in the Democratic Party (PD), the largest pro-European party in Italy at the moment, which the different polls place in a position similar to that of the Brothers of Italy, or slightly below, in voting intentions. The problem is the collapse of the 5-Star Movement, and the little electoral significance of the other moderate parties in the parliamentary arch, which makes alliances difficult to form coalitions. And this in a country like Italy, where governing alone has been a chimera in recent years.

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