The Japan Times - Turmoil ahead for Italy after bruising presidential vote

EUR -
AED 4.180066
AFN 81.374369
ALL 99.127782
AMD 444.211427
ANG 2.051077
AOA 1044.155795
ARS 1324.319325
AUD 1.775688
AWG 2.048471
AZN 1.939185
BAM 1.959915
BBD 2.297755
BDT 138.266391
BGN 1.957759
BHD 0.428908
BIF 3336.731889
BMD 1.13804
BND 1.495768
BOB 7.863615
BRL 6.475905
BSD 1.138004
BTN 97.143251
BWP 15.686143
BYN 3.723939
BYR 22305.574699
BZD 2.28593
CAD 1.580339
CDF 3274.140126
CHF 0.942454
CLF 0.027727
CLP 1064.010505
CNY 8.293695
CNH 8.294982
COP 4805.884014
CRC 576.017047
CUC 1.13804
CUP 30.158047
CVE 110.735677
CZK 25.011951
DJF 202.252832
DKK 7.476014
DOP 67.201681
DZD 150.666237
EGP 57.743325
ERN 17.070593
ETB 149.20139
FJD 2.569637
FKP 0.85379
GBP 0.854833
GEL 3.118673
GGP 0.85379
GHS 17.423829
GIP 0.85379
GMD 81.93925
GNF 9849.732497
GTQ 8.764518
GYD 238.085134
HKD 8.827989
HNL 29.365788
HRK 7.545548
HTG 148.598539
HUF 406.22365
IDR 19123.616186
ILS 4.117376
IMP 0.85379
INR 97.171335
IQD 1490.831778
IRR 47911.464422
ISK 145.498792
JEP 0.85379
JMD 180.09815
JOD 0.806988
JPY 163.505598
KES 147.380445
KGS 99.521994
KHR 4570.367133
KMF 492.206412
KPW 1024.245592
KRW 1636.922348
KWD 0.349094
KYD 0.948304
KZT 585.978093
LAK 24610.105135
LBP 101824.061928
LKR 340.989491
LRD 227.60089
LSL 21.252933
LTL 3.360335
LVL 0.688389
LYD 6.219431
MAD 10.5326
MDL 19.6415
MGA 5135.407632
MKD 61.572306
MMK 2388.970557
MNT 4038.134833
MOP 9.092211
MRU 45.044035
MUR 51.587762
MVR 17.537619
MWK 1973.28663
MXN 22.196896
MYR 4.977829
MZN 72.834921
NAD 21.259007
NGN 1830.787374
NIO 41.878484
NOK 11.885287
NPR 155.426664
NZD 1.909158
OMR 0.437635
PAB 1.138004
PEN 4.176041
PGK 4.612518
PHP 63.952175
PKR 319.732631
PLN 4.278176
PYG 9102.752983
QAR 4.143646
RON 4.987576
RSD 117.716476
RUB 93.623363
RWF 1611.463968
SAR 4.268716
SBD 9.507537
SCR 16.159791
SDG 683.396918
SEK 11.02502
SGD 1.495502
SHP 0.89432
SLE 25.83767
SLL 23864.101349
SOS 650.393756
SRD 41.972079
STD 23555.120484
SVC 9.956512
SYP 14796.582943
SZL 21.258999
THB 38.136125
TJS 12.040045
TMT 3.994519
TND 3.409609
TOP 2.665407
TRY 43.755304
TTD 7.730333
TWD 37.044368
TZS 3061.326705
UAH 47.591564
UGX 4171.594085
USD 1.13804
UYU 47.508291
UZS 14737.612235
VES 94.812258
VND 29613.495511
VUV 137.839101
WST 3.145459
XAF 657.351672
XAG 0.034379
XAU 0.000343
XCD 3.075609
XDR 0.818201
XOF 654.945838
XPF 119.331742
YER 278.937574
ZAR 21.255965
ZMK 10243.725458
ZMW 31.778143
ZWL 366.448263
  • CMSD

    0.0100

    22.46

    +0.04%

  • SCS

    -0.0600

    9.89

    -0.61%

  • NGG

    -0.2200

    72.04

    -0.31%

  • GSK

    -0.0700

    37.43

    -0.19%

  • RBGPF

    60.8800

    60.88

    +100%

  • AZN

    0.0200

    69.57

    +0.03%

  • BP

    0.1900

    29.19

    +0.65%

  • BTI

    -0.4000

    42.05

    -0.95%

  • CMSC

    0.0000

    22.33

    -0%

  • JRI

    0.1400

    12.74

    +1.1%

  • RYCEF

    0.0100

    10.16

    +0.1%

  • BCC

    -0.5800

    95.51

    -0.61%

  • VOD

    0.0400

    9.35

    +0.43%

  • RELX

    0.3800

    53.55

    +0.71%

  • BCE

    -0.3600

    21.65

    -1.66%

  • RIO

    -1.1300

    60.56

    -1.87%

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.

K.Okada--JT