Robert Dominic Ventre II Staff Writer
Robert Dominic Ventre II
After ten short months as Prime Minister, Enrico Letta has resigned.Widespread criticism of Letta, coupled with his struggling with economic turmoil, has lead to Letta submitting his resignation to president Giorgio Napolitano. Matteo Renzi will take his place, becoming Italy's youngest prime minister in the process. Renzi was overwhelmingly backed by the Democratic party when calling for government reform, and will now take charge of Italy's third government in less than one year. With Italy's unemployment at its highest level in 40 years, Renzi claimed that the standing prime minister had not taken proper action to stimulate the economy. In seven years, the Italian economy has shrunk by 9%. BBC's David Willey also claimed that, “The Italian prime minister failed to implement promised reforms of an often corrupt and wasteful bureaucracy coupled with a bloated parliament,” Analysts state that Renzi's new government could be sworn in as early as next week. He has stated that this change was necessary to end “uncertainty”. The announcement of Letta's resignation had no major effect on financial markets, with stocks jumping on Friday by 1.6 percent. The economy was shown to have grown by 0.1 percent in the fourth quarter.
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