Parties brace for snap polls with PM resolute

ROME: Italy’s political parties are readying for possible snap elections, even as some of them redouble efforts to convince PM Mario Draghi to rethink his determination to resign.

While talks to patch up the current majority, or form a new one, continue, Italy’s political groupings are making preparations for a potential vote, several party and government officials said, talking about confidential deliberations and asking not to be named. Elections could be held on September 25, according to Democrat Leader Enrico Letta, who is among those trying to salvage Draghi’s government.

Draghi blamed a breach of trust with his broad but fractious coalition when he offered to resign on Thursday in a decision that convulsed Italian markets by raising the spectre of fresh political turmoil. While the former central banker so far appears unmoved by efforts to get him to change his mind, he’ll be in parliament on Wednesday at President Sergio Mattarella’s request to address lawmakers.

A resignation by Draghi would pitch Italy into disarray just as Europe contends with a brewing energy crisis fomented by Russia’s invasion of Ukraine.

At the same time, any fresh political turmoil would come at a complex juncture for the euro area, amid growing concerns about looming recession, even though the Italian economy has been faring better than its peers.

Early elections would also hamper deliberations over Italy’s 2023 budget. Efforts to convince Draghi to stay on must take account of the terms that he himself set before Five Star leader Giuseppe Conte sparked the current crisis by boycotting a confidence vote. Draghi has made clear he won’t lead a new government that doesn’t include Five Star.