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Italy's Luigi Di Maio Resigns As Five Star Leader - Printable Version

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Italy's Luigi Di Maio Resigns As Five Star Leader - Zero Hedge - 01-22-2020

Italy's Luigi Di Maio Resigns As Five Star Leader

<span property="schema:name" class="field field--name-title field--type-string field--label-hidden">Italy's Luigi Di Maio Resigns As Five Star Leader</span>

<div property="schema:text" class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>With his once-vanquished partner-turned-rival Matteo Salvini breathing down his neck, Luigi Di Maio, the longtime leader of Italy's anti-establishment, left-of-center Five Star Movement, has stepped down from his position at the head of the party, though he will continue to serve as Italy's foreign minister in a coalition government with the centrist Democrats.</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/Screen%20Shot%202020-01-22%20at%206.32.19%20AM.png?itok=8MsD-Gdm" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/Screen%20Shot%202020-01-22%20at%206.32.19%20AM.png?itok=8MsD-Gdm"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/Screen%20Shot%202020-01-22%20at%206.32.19%20AM.png?itok=WR9LutL7 1x" media="all and (min-width: 1280px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/Screen%20Shot%202020-01-22%20at%206.32.19%20AM.png?itok=WR9LutL7 1x" media="all and (min-width: 480px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/Screen%20Shot%202020-01-22%20at%206.32.19%20AM.png?itok=WR9LutL7 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/Screen%20Shot%202020-01-22%20at%206.32.19%20AM.png?itok=WR9LutL7 2x" media="all and (min-width: 1024px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/Screen%20Shot%202020-01-22%20at%206.32.19%20AM.png?itok=WR9LutL7 1x" media="all and (min-width: 768px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/Screen%20Shot%202020-01-22%20at%206.32.19%20AM.png?itok=8MsD-Gdm 1x" type="image/png"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="548acd76-883b-4767-8785-88380d7fb867" data-responsive-image-style="inline_images" height="277" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/Screen%20Shot%202020-01-22%20at%206.32.19%20AM.png" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Di Maio</em></p>

<p>News of Di Maio's departure is a harbinger of more political turbulence in a country where the ruling coalition is held together by an extremely fragile alliance, and as a result Italian assets - including stocks and government bonds - sold off initially but have since managed to recover losses.</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/italy%2010y%20yield%201.22.jpg?itok=InUnfKe_" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/italy%2010y%20yield%201.22.jpg?itok=InUnfKe_"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/italy%2010y%20yield%201.22.jpg?itok=S5z-yVAJ 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/italy%2010y%20yield%201.22.jpg?itok=S5z-yVAJ 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/italy%2010y%20yield%201.22.jpg?itok=S5z-yVAJ 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/italy%2010y%20yield%201.22.jpg?itok=S5z-yVAJ 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/italy%2010y%20yield%201.22.jpg?itok=S5z-yVAJ 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/italy%2010y%20yield%201.22.jpg?itok=InUnfKe_ 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="38ec4a65-9a40-40bf-8466-b09f59c21b73" data-responsive-image-style="inline_images" height="237" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/italy%2010y%20yield%201.22.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p>An index of Italian banking stocks slumped nearly 2% to its lowest level in six weeks. Italy's still-struggling financial sector is particularly sensitive to signs of political instability.</p>

<p>Over the past year, Five Star's popularity has been shrinking as its chief rival, Salvini's right-wing League, snatched the crown of most popular party in the country away from M5S.</p>

<blockquote class="twitter-tweet" data-partner="tweetdeck">
<p dir="ltr" lang="en" xml:lang="en" xml:lang="en">Di Maio finally admits he is responsible for the "sinking" of his party. Known now as Sinco Di Maio. <a href="https://t.co/s6dKlKmJdk">https://t.co/s6dKlKmJdk</a></p>
— Roman Trader (@patdoddson) <a href="https://twitter.com/patdoddson/status/1219943369830555649?ref_src=twsrc%5Etfw">January 22, 2020</a></blockquote>
<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script><p>Di Maio said he will deliver a press conference later this afternoon (at 5 pm in Rome, or 11 am in New York).</p>

<p>Citing reports in Italian newspapers, the <a href="https://www.ft.com/content/89809222-3cff-11ea-a01a-bae547046735">FT</a> reports that Di Maio is expected to quit following a wave of defections of MPs who are apparently frustrated with his leadership. Support for the party has declined over the past year, and a resurgent League looks poised to win a critical election this weekend in the region of Emilia-Romagna, the birthplace of Italian socialism.</p>
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<a href="https://www.zerohedge.com/users/tyler-durden">Tyler Durden</a>
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<span property="schema:dateCreated" content="2020-01-22T11:35:37+00:00" class="field field--name-created field--type-created field--label-hidden">Wed, 01/22/2020 - 06:35</span>

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