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Italy

Yearbook 2016

2016 ItalyItaly. According to countryaah, Italy was thrown into a crisis at the end of the year in which the young, dynamic Prime Minister Matteo Renzi resigned from one day to another and was replaced by his foreign minister and political friend, 62-year-old Paolo Gentiloni. Renzi's successor is a political scientist with a past as a journalist and environmental writer and parliamentarian since 2001.

The government crisis was triggered by a referendum on the country's constitution in which Matteo Renzi invested all his political capital and suffered a devastating defeat.

2016 Italy

When the then 39-year-old Matteo Renzi almost three years ago as leader of the Socialist Democratic Party (PD) became a record young prime minister, he resolved to breathe life into the political institutions and put an end to the chronic mismanagement in the country. Renzi decided to change the constitution, which gives Italy's parliament two parallel chambers with all that it has entailed in terms of costs and snail pace in the legislation.

In early December, the Italians went to the referendum on a thorough slimming of the Senate House. The result was a resounding defeat for the jasmine, and since Matteo Renzi had, in his arrogance, tied the result of the referendum to his own political future, the Prime Minister only had to stand by his word and resign.

The populist party Five Star Movement and its leading comedian Beppe Grillo led the down side in the referendum and now called for new elections along with the country's smaller parties on the right. However, Italy's highly regarded head of state, 75-year-old President Sergio Mattarella, strongly distanced himself from the current elections and commissioned the outgoing Foreign Minister Paolo Gentiloni to form a new government.

Another reason for the head of state to quickly put an end to the political uncertainty is the country's crisis banking system, where the world's oldest and Italy's third-largest bank, Monte dei Paschi di Siena, distinguished itself among the many banks that have been stuck with unsecured loans and need to find a financing. The Italian banking crisis, which is a problem for the whole EU, will be the first thing the new government under Prime Minister Paolo Gentiloni has to deal with. It was therefore noted with relief in Brussels that the internationally acclaimed economist Pier Paolo Padoan remained in his post of finance minister.

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