Govt statement: Italy's PM Draghi will resign

Ross J Burland FXStreet

Reuters reports that Mario Draghi said he would resign as Italian prime minister on Thursday after a party in his ruling coalition did not participate in a confidence vote.

"I will tender my resignation to the president of the republic this evening," Draghi told the cabinet, according to a statement released by his office."The national unity coalition that backed this government no longer exists," he added.

Key notes

5-star's non-participation in the confidence vote was "very significant from a political point of view".
The "national unity" coalition that backed this government no longer exists.
The conditions are no longer in place for me to carry on.
I will tender my resignation to the president this evening.

Meanwhile, the Italian president Segio Matterella has rejected the resignation offer.

The euro remains pressured around 1.0000 vs the greenback on Thursday after falling to its lowest level yet to 0.9952 on Thursday.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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