The China Mail - Turmoil ahead for Italy after bruising presidential vote

USD -
AED 3.672975
AFN 71.502412
ALL 86.604424
AMD 389.28007
ANG 1.80229
AOA 914.999779
ARS 1144.91953
AUD 1.549775
AWG 1.8025
AZN 1.700839
BAM 1.72067
BBD 2.019048
BDT 121.496602
BGN 1.725145
BHD 0.377063
BIF 2933.5
BMD 1
BND 1.291083
BOB 6.910295
BRL 5.743497
BSD 1.000022
BTN 84.710644
BWP 13.559277
BYN 3.27258
BYR 19600
BZD 2.008666
CAD 1.37984
CDF 2875.000258
CHF 0.818725
CLF 0.024633
CLP 945.279844
CNY 7.22535
CNH 7.219885
COP 4299
CRC 506.081869
CUC 1
CUP 26.5
CVE 97.401173
CZK 21.904972
DJF 177.719932
DKK 6.565285
DOP 58.899188
DZD 132.647881
EGP 50.635597
ERN 15
ETB 132.650326
EUR 0.879965
FJD 2.257405
FKP 0.748092
GBP 0.74958
GEL 2.754945
GGP 0.748092
GHS 13.37451
GIP 0.748092
GMD 70.999703
GNF 8660.537545
GTQ 7.693661
GYD 209.209328
HKD 7.76002
HNL 25.914885
HRK 6.643198
HTG 130.69969
HUF 355.774998
IDR 16483.3
ILS 3.58745
IMP 0.748092
INR 84.71555
IQD 1310
IRR 42112.503552
ISK 128.910306
JEP 0.748092
JMD 158.694409
JOD 0.709206
JPY 142.929497
KES 129.250117
KGS 87.450126
KHR 4003.290617
KMF 433.504011
KPW 899.977045
KRW 1393.605025
KWD 0.30657
KYD 0.8333
KZT 514.510701
LAK 21624.808084
LBP 89598.835086
LKR 299.390713
LRD 199.99736
LSL 18.289183
LTL 2.95274
LVL 0.60489
LYD 5.459024
MAD 9.216381
MDL 17.094491
MGA 4444.999818
MKD 54.205616
MMK 2099.476264
MNT 3576.208671
MOP 7.993577
MRU 39.616417
MUR 45.439888
MVR 15.410069
MWK 1733.996736
MXN 19.57925
MYR 4.239007
MZN 63.900677
NAD 18.29039
NGN 1608.769537
NIO 36.796424
NOK 10.303995
NPR 135.53703
NZD 1.674502
OMR 0.384985
PAB 1.000031
PEN 3.6544
PGK 4.029984
PHP 55.403044
PKR 281.368849
PLN 3.75845
PYG 7991.90604
QAR 3.645449
RON 4.505403
RSD 103.134417
RUB 80.61297
RWF 1436.521448
SAR 3.750732
SBD 8.350849
SCR 14.216357
SDG 600.497936
SEK 9.604165
SGD 1.291205
SHP 0.785843
SLE 22.730201
SLL 20969.483762
SOS 571.45371
SRD 36.819029
STD 20697.981008
SVC 8.749395
SYP 13001.645496
SZL 18.27948
THB 32.724992
TJS 10.374858
TMT 3.51
TND 2.996437
TOP 2.342101
TRY 38.641495
TTD 6.786178
TWD 30.392497
TZS 2690.99984
UAH 41.438877
UGX 3658.997933
UYU 41.868649
UZS 12924.999759
VES 88.61243
VND 25962.5
VUV 120.667614
WST 2.663993
XAF 577.139891
XAG 0.03064
XAU 0.000295
XCD 2.70255
XDR 0.718649
XOF 575.999561
XPF 104.929283
YER 244.4992
ZAR 18.217201
ZMK 9001.194181
ZMW 26.724384
ZWL 321.999592
  • RBGPF

    2.8600

    65.86

    +4.34%

  • SCS

    0.0400

    9.91

    +0.4%

  • CMSD

    0.1000

    22.41

    +0.45%

  • CMSC

    0.1000

    22.16

    +0.45%

  • NGG

    0.2700

    72.57

    +0.37%

  • BTI

    -0.1100

    44.45

    -0.25%

  • RIO

    0.2200

    60.02

    +0.37%

  • GSK

    -0.3300

    37.17

    -0.89%

  • RELX

    -0.0600

    54.87

    -0.11%

  • BCC

    -0.3800

    87.1

    -0.44%

  • AZN

    -0.1900

    70.07

    -0.27%

  • BCE

    -0.3400

    21.25

    -1.6%

  • RYCEF

    -0.2200

    10.17

    -2.16%

  • JRI

    -0.0240

    13.026

    -0.18%

  • VOD

    -0.2700

    9.4

    -2.87%

  • BP

    -0.2700

    28.13

    -0.96%

Turmoil ahead for Italy after bruising presidential vote
Turmoil ahead for Italy after bruising presidential vote

Turmoil ahead for Italy after bruising presidential vote

The re-election of President Sergio Mattarella in Italy has temporarily averted a political disaster and may ease the passing of key reforms, but Machiavellian plotting by political parties has just begun, analysts warn.

Text size:

After six days of deadlock and amid fears the government could fall, the 80-year old -- who had made it clear he did not want to serve a second term -- agreed Saturday to put parliament out of its misery.

It was, he told the country, an exceptional situation: debt-laden Italy, one of the worst hit by the 2020 pandemic in Europe, was "still going through a serious health, economic and social emergency".

Mattarella needed at least 505 votes from an electoral college of 1,009 lawmakers and regional representatives in Saturday's vote. He won 759, earning another stint as president in spite of himself.

The only other serious contender for the job -- Prime Minister Mario Draghi -- was needed at the head of government to keep Rome on track with major reforms to the tax and justice systems and public sector.

Draghi, brought in by Mattarella last year, has been racing to ensure Italy qualifies for funds from the EU's post-pandemic recovery scheme, which amounts to almost 200 billion euros ($225 billion) for Rome.

- 'Near-impossible job' -

Many were concerned Italy would slip behind on the tight reform schedule should Draghi step down as prime minister, or that his elevation would spark snap elections in the eurozone's third largest economy.

Mattarella's election removes that immediate risk. But fractures within Italy's parties have deepened over the past week and are expected to worsen further as campaigning intensifies ahead of a 2023 general election.

"The question is whether the key ingredient of Draghi's government -- a broad, cross-partisan majority -- will still be there in a few days," Francesco Galietti of political consultancy Policy Sonar told AFP.

"If not, the situation will rapidly become untenable".

Wolfango Piccoli of the Teneo consultancy said rebuilding trust within the ruling coalition was "a near-impossible job", and a realignment was now likely "both within individual parties and alliances".

The biggest loser is Matteo Salvini, head of the anti-immigrant League, who had hoped to play kingmaker but instead failed to get his candidate elected and was forced to ally with the centre-left bloc.

That public embarrassment may spark a leadership contest, just as the right-wing bloc collapses.

- 'Machiavellian' -

Giorgia Meloni, head of the far-right Brothers of Italy party, who did not want Mattarella as president, accused Salvini of betrayal and said she was no-longer allied with him or centre-right leader Silvio Berlusconi.

A leadership battle is also expected within the once anti-establishment Five Stars Movement (M5S), which may affect its entente with the centre-left Democratic Party (PD).

Draghi will have to ensure the government can continue to function -- though Piccoli points out the PM's standing "has been affected too", after he signalled his interest in the presidential job but was not picked.

Galietti said he expected the political scheming now to be "as Machiavellian as it gets".

But Lorenzo Codogno, a former head economist at the Italian treasury, said the division between the weakened parties could have silver lining.

"There will be less veto power by parties, and this may facilitate Draghi’s job in finding a compromise among different positions on reforms," he said.

S.Wilson--ThChM