Italian president urges PM Draghi not to quit

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Mario Draghi

Italian president urges PM Draghi not to quit on Thursday after a day of political issues that threatened to pull down a government that has been active not more than 18 months.

Draghi, the former president of European Central Bank, declared he was about to resign on Thursday after the 5-Star Movement, a coalition party, failed to support him in the confidence vote.
The national unity coalition that supported this government doesnt exist anymore-said Draghi, who has been PM since February 2021.
The 74 years old Prime Minister, Draghi, went in Rome to meet the Italian President, Sergio Mattarella. He handed him the resign but the president refused and asked him to think again about his decision.

Mattarella asked Draghito speak to the parliament to get a better picture of the political situation.
Draghi is supposed to appear in parliament next week on Wednesday and is waited to proceed before the planned visit to Algeria, an important country for gas contribution.
Severances among Italy’s political coalations over problems such as the high cost of living and how to react to Russia’s invasion of Ukraine are being raised by the perspective of a general election due to be held in 2023.

Draghi has won approval for helping to guide Italy along the crisis of coronavirus and his profile has helped give the country more influence on the international stage.

DRAGHI DRAWS A LINE

The confidence vote has become an important part for tensions in the Draghi’s government. It was expected by the 5-Star party for Draghi to do more for families with inflation growing.
Draghi said he didn’t want to rule a government without 5-Star, which transpired as the largest party in 2018 but has since lost public support.
The chance of a fall of Draghi’s government affected the financial markets where Italian bond yields grew sharply, advising investors asking a higher premium to hold its debt, and shares dropped to their lowest levels since 2020.

These issues came at a difficult time for Italy, where taking costs have grown sharply as the ECB starts holding back its monetary policy.
Draghi had attracted attention as providing reassurance that Italy would follow any condition linked to the new mechanism but his departure would create fresh uncertainty.

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