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Italian Prime Minister Mario Draghi resigns as coalition collapses

Italy is the European Union’s third-largest economy and is now in political turmoil as Prime Minister Mario Draghi re-submitted his resignation to President Sergio Mattarella on Thursday. Three parties in the coalition government, the 5-star movement, Forza Italia, and League all boycotted a confidence vote on Wednesday night. Mattarella accepted Draghi’s resignation and will be meeting with the speakers of parliament Thursday afternoon. 

Draghi had first tendered his resignation last week as the 5-star movement withdrew its support in a confidence vote on a package to assist in Italy’s cost of living crisis. President Sergio Mattarella had rejected his resignation and urged Draghi to find a solution. However, after Wednesday night’s vote, Draghi has officially resigned and Italy’s main stock market, the FTSEMIB was down over 2.5% after the country’s government almost collapsed.

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