Italy looks to 'Super Mario' Draghi to end political crisis

Former European bank chief Mario Draghi agreed on Feb. 3 to try to form a non-political government to steer Italy through the coronavirus pandemic after last-ditch negotiations among political parties failed to produce a viable governing coalition.

The task won't be easy, though, given the populist party with the most seats in Parliament said it won't support a Draghi government and the right-wing party with the highest poll numbers is pressing for an early election.

Financial markets nevertheless welcomed indications that Italy's latest political crisis might soon get resolved - at least for the next few months. Draghi expressed assurances that he could fulfill the task Italy's president assigned him.

"I am confident that from the talks with the parties and the groups in Parliament and social forces, unity will come out, and with it, the capacity to give a responsible and positive answer to the appeal of the president of the republic," Draghi told reporters at the presidential palace.

President Sergio Mattarella had turned to Draghi, who is credited with having saved the euro during Europe's debt crisis, after talks failed to find broader support for caretaker Premier Giuseppe Conte's coalition of the 5-Star Movement and Democratic Party.

Conte was forced to resign last month after ex-Premier Matteo Renzi pulled support of his small, centrist Italy Alive party. Renzi, whose nickname is "il rottamatore," or "the demolisher," complained among other things about Conte's plan to spend more than 200 billion euros ( $240 billion) in EU pandemic recovery funds and loans.

Draghi told reporters he accepted the mandate knowing that Italy faces the multiple challenges of a health care crisis, a national vaccination campaign and an...

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