www.zerohedge.com BY TYLER DURDEN
After seven inconclusive rounds of voting, the Italian Parliament met on Saturday afternoon and re-elected President Mattarella with 770 votes, averting the political chaos a failure to elect his successor could have sparked in the eurozone’s third-largest economy.
An interim official count in Saturdayâs ballot put the 80-year-old president over the top. It followed a deal between Draghi and Italyâs main parties to back Mattarella. The agreement between the two main coalitions to extend the tenure of the incumbent ensures the survival of Draghi’s fragile government for now. This was the sixth slowest election process in Italian Presidential history.
According to Bloomberg, Mattarella had said he was keen to retire, going so far as to rent a new apartment in Rome. In the end, it was Draghi who asked Mattarella to remain in office on Saturday, breaking the stalemate. All parties backed the incumbent except Giorgia Meloniâs far-right Brothers of Italy.
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