Updated Jul 21, 2022 - World

Italy's Mario Draghi resigns after coalition implodes

Mario Draghi

Mario Draghi. Photo: Antonio Masiello/Getty Images

Italian Prime Minister Mario Draghi resigned on Thursday after his coalition imploded, setting up the country for a new era of political chaos at a critical time.

The latest: Italian President Sergio Mattarella formally dissolved parliament following Draghi's resignation, paving the way for new snap general elections that will take place within 70 days.

  • "The period we are going through does not allow for any pause in the [government] action, which is needed to counter the economic and social crisis and rising inflation," Mattarella said Thursday.

Draghi submitted his resignation to Mattarella, who had "taken note" and asked Draghi to remain as a caretaker.

  • Mattarella rejected Draghi's first attempt to resign last week, asking him to see if he could keep a coalition together until the legislature's current term expires in 2023.
  • Draghi's attempt failed after three conservative parties boycotted a confidence vote in the Senate.

The big picture: Draghi, known for rescuing the Euro during his time as the European Central Bank's president, was tapped to lead a unity government last year in an attempt to add stability to the country's often chaotic political scene.

  • He led Italy's 67th government in just over 75 years, per Bloomberg.

Editor's note: This article has been updated with new details throughout.

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