Based on the latest report, Italian Prime Minister Giuseppe Conte officially handed over his resignation letter to the head of state on Tuesday in the hope that he would be given the opportunity to form a new coalition party and then regain his position in parliament.
In other words, his actions are believed to be an attempt to get a mandate for the formation of a new administration following the political unrest in the country. The political unrest in the country is exacerbated by the Covid-19 pandemic which left 85,000 Italians stranded as a result of the pandemic. The death toll is the second highest in Europe after the UK and the sixth highest in the world.
Following a series of protests from various quarters, Conte finally lost his majority in the Senate last week. This at the same time indicates that his administration is getting worse. The resignation of former prime minister Matteo Rezi, who led Italian party Viva, has added to the concerns over political unrest.
Analysts are of the opinion that if Conte is able to obtain the support needed to form a new administration, the Government will likely give Conte a few days to reach an agreement and form a new cabinet.
The hope of investors is that political stability can be achieved.
