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Italy, Rome On Thursday, Italian Prime Minister Mario Draghi resigned to President Sergio Mattarella, throwing the European Union’s third-largest economy into new political turmoil.
Draghi resigned after several key parties in his coalition, including the powerful 5-Star movement, the country’s largest coalition party, the center-right Forza Italia, and the far-right League, boycotted a confidence vote in the government on Wednesday night.
Mattarella, who accepted the resignation, is scheduled to meet with Parliament’s speakers on Thursday afternoon, according to a statement from the presidential palace. The next step will be to call a special election.
Draghi first offered his resignation last week, after the 5-Star movement withdrew its support in a parliamentary confidence vote on a package aimed at addressing Italy’s cost-of-living crisis. Draghi previously stated that he would not lead a government without the participation of the 5-Star Movement.
However, Italy’s President Sergio Mattarella rejected his resignation, urging him to stay and find a solution.
The FTSEMIB, Italy’s main stock exchange, was down more than 2.5 percent on Thursday after the country’s government was forced to resign.
Mario Draghi, Italy’s Prime Minister, addresses the lower house of parliament ahead of a vote of confidence in Rome on Wednesday
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