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PM Draghi Confirms Crucial Confidence Vote Must Take Place Today

ITALY

Prime Minister Mario Draghi has confirmed that a confidence vote an an aid decree will go ahead in the Senate today, nixing supposed last-ditch efforts by 5-Star ministers to cancel the vote as reported by Bloomberg earlier.

  • Draghi has stated that if the 5-Star Movement does not vote with the gov't he will resign as PM, bringing the broad coalition gov't down.
  • Result had been due around 1200CET (0600ET, 1100BST), but not clear whether this timeframe will continue to hold after this morning's political wrangling.
  • Should gov't collapse risk of significant political paralysis at a time of significant economic pressures facing Italy as well as the impact of the war in Ukraine and the subsequent energy price crunch. Early election possible, with few other candidates seen as able to hold broad coalition gov't together.
  • President Sergio Mattarella's role could prove crucial in attempting to hold gov't together, or bring about another technocratic gov't to avoid early elections.
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