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Giuseppe Conte to resign after COVID-19 criticism

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Miguel A. Rodriguez
Miguel A. Rodriguez
26 enero 2021
The Italian Prime Minister under fire despite government's vote

Less than a week after he received the vote of confidence from the Chamber of Deputies, the incumbent Italian Prime Minister Giuseppe Conte will hand in his resignation later today.

According to his cabinet, at 8:00 AM GMT the prime minister "will inform his ministers of his intention to resign. He will then go to see President Sergio Mattarella".

His decision comes after he was accused of mishandling the COVID-19 pandemic, which killed more than 85,000 Italians. He also faced objections regarding how €209 billion from the €750 billion EU rescue fund were spent to tackle the pandemic-induced crisis.

Even though Conte will hand in his resignation to President Sergio Matterella, it does not mean that it will be approved. The best-case scenario is that the President could ask Conte to try to form a more stable coalition. Rumor has it that Giuseppe Conte will turn to the centre-right bloc led by Silvio Berlusconi.

On the other hand, the President could turn to another politician to form a new government or call for early elections – the last parliamentary elections were in March 2018.

The timing could not be any worst as the pandemic caused the most significant economic collapse in decades. But this could be Giuseppe Conte's trump: the avoidance of the turmoil of new elections during these difficult times.

Markets reacted little to the news, at the moment of writing, the country's benchmark Italy40 is trading 0.21% higher, while EUR/USD is at 1.2128.

Stay tuned for more!

Sources: euronews.com, bbc.com

Esta información/estudio preparada por Miguel A. Rodriguez  no tiene en cuenta los objetivos específicos de inversión, la situación financiera o las necesidades particulares de una persona. El analista de estudios es, principalmente, responsable del contenido de este informe de estudio, en parte o en su totalidad, certifica que los puntos de vista sobre las compañías y sus valores expresados en este informe reflejan con exactitud sus puntos de vista personales, y como consecuencia, toda persona que actúe basándose en ellos lo hace bajo su propio riesgo.El estudio proporcionado no constituye los puntos de vista de KW Investments Ltd, ni es una invitación a invertir con KW Investments Ltd El analista de estudios certifica, además, que ninguna parte de su remuneración ha sido, es o será directa o indirectamente relacionada con recomendaciones o puntos de vista específicos expresados en este informe.El analista de estudios no está contratado por KW Investments Ltd Le animamos a buscar asesoramiento con un consejero financiero independiente con respecto a la idoneidad de la inversión, en virtud de otra participación separada, cuando considere oportuno que es conforme con sus objetivos específicos de inversión, su situación financiera o, sus necesidades financieras particulares antes de comprometerse a invertir..Las leyes de la República de Seychelles rigen cualquier reclamación relacionada o que surja por el contenido de la información/análisis proporcionado.

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Miguel A. Rodriguez
Miguel A. Rodriguez
Autor financiero

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.