Matteo Renzi's Resignation Temporarily Paused After Meeting With Italian President

By Mar V - 07 Dec '16 06:00AM

Italy's Prime Minister Matteo Renzi was asked to temporarily hold or pause his resignation from his post, at least until the senate is able to pass a budget for 2017. This is to ensure that they set an example in their government in honouring commitments and deadlines to their obligations in office.

Matteo Renzi Holds Off His Resignation Until 2017 Budget Is To Be Submitted By The Senate

During a recently held referendum last Sunday, to which Matteo Renzi lost to, he was expected to step down from his position right away. Thus, on Monday morning, he went to meet Sergio Mattarella in the presidential palace to submit his resignation. However, due to the request that his resignation be held off until the 2017 budget for the country is already submitted by the senate, he may need to stay in office until Christmas.

Renzi has been campaigning to his fellow Italians to overhaul the constitution and parliament, asking for the "yes" votes of the people for the movement. However, he lost to 59.1 percent of the population. Mattarella then said that it was a clear testament of the people on what democracy really is and what it should be. The result could be a huge concern and also worries Europe in terms of Italy's fragile banking system and the future of euro as well. However, it has been implied by finance minister Wolfgang Schäuble to continue adapting to the economic path executed by Renzi.

Italy Now Preparing For A New Government; Quick Elections Could Happen When Renzi Steps Down

After the country has voted "no" to the movement of Renzi, Italy now prepares for an entirely new government. According to a publication released after the results were made official, La Repubblica editor-in-chief Mario Calabresi, an instable government is not what Italy needs right now but it is the effect to the results. Thus, after Renzi officially steps down from his post, Mattarella will then conduct a possible early election. However, many of the opposing parties are calling for a quick election as a possible option.