Italian Prime Minister Giuseppe Conte handed in his resignation to the head of state on Tuesday, hoping he would be given an opportunity to put together a new coalition and rebuild his parliamentary majority. Financial markets edged higher despite the latest political tumult, with investors hopeful that Conte might eventually emerge with a more stable government. Until now the main coalition parties -- the anti-establishment 5-Star Movement and centre-left Democratic Party (PD) -- have backed Conte's efforts to stay in power. Renzi has accused Conte of lacking a strategic vision, saying he risked squandering the unprecedented EU bonanza on hand-outs rather than long-term investments. Conte is a lawyer with no direct political affiliation, but is close to 5-Star, the largest party in parliament.

Source: The Star January 26, 2021 13:41 UTC