Draghi quits as prime minister, leaving Italy in political chaos

Resignation comes after 3 coalition partners withdraw support in a confidence vote

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ROME • Mr Mario Draghi resigned as Italy’s prime minister, throwing the country into turmoil and putting it on course for snap elections as soon as early October.

The former European Central Bank (ECB) chief delivered his decision to President Sergio Mattarella yesterday morning.

The government will continue in a caretaker role to handle ongoing business but its influence will be minimal.

Mr Mattarella, who accepted the resignation, was to meet yesterday afternoon with the speakers of both houses of Parliament to agree on the next steps, which will likely include an emergency vote after the summer.

The ballot may take place on Oct 2. Elections during the autumn are unprecedented in Italy, a time when Parliament is usually preparing the annual budget.

Italy’s benchmark stock index fell 2.2 per cent and Italy’s key bond yield jumped.

The resignation throws the country into turmoil just as Europe is bracing itself for a recession and Italians are contending with a brewing energy crisis.