Italy’s Prime Minister Mario Draghi resigned

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After a week of incertitudes, Italy Prime Minister resigns. Draghi’s resignation comes after several key parties in his coalition boycotted a confidence vote in the government Wednesday night. “Thank you for all the work we have done together over this period. After the vote took place last night by the senate of the Republic, I ask to suspend this session because I am on my way to the President of the Republic to communicate my intentions,” Draghi told lawmakers early Thursday.President Sergio Mattarella on Thursday accepted the resignation. The next step is to call for a snap election no later than October.

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On Thursday, Italy’s main stock market was down more than 2.5%. At the same time, Italy has one of the highest debt piles in Europe, is facing record inflation and its growth prospects are limited. Draghi has always said he will not stand for elected office when this government ended. Global leaders, from the US to the Europe, publicly asked him to stay. The most violent attack against Draghi this week came from Giorgia Meloni, the opposition leader of the far-right Brothers of Italy. Polls have long predicted that her party will emerge the biggest winner if elections were called today. On the other part, remains a big political figure and not only for Italy. Between others, Draghi is known for rescuing the Euro during his time as the European Central Bank’s president.