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Free AccessConte Survives As PM, But Lack Of Majority Bodes Ill For Stability
While PM Giuseppe Conte's gov't avoided being ousted in a vote of no confidence in the Senate last night, the lack of an overall majority in the upper chamber hints at difficulties further down the line for the gov't.
- In the event, 156 senators voted in favour of Conte's gov't with 140 against and crucially 16 abstaining. While this avoided a gov't defeat, the numbers fell short of the 161 senators required to hold an absolute majority in the chamber.
- As such, if the Conte gov't does not repair relations with former PM Matteo Renzi's Italia Viva party it will be at risk of losing votes. 16 IV senators voted to abstain last night, should they switch to voting against the gov't it could see the gov't defeated.
- The gov't cannot be assured of reaching 156 senators in future votes, with two of those coming from centre-right Forza Italia senators voting against party lines.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.