Friday, February 14, 2014

Italian PM Letta to resign

Italian Prime Minister Enrico Letta says he will step down following a vote of no-confidence by his own Democratic Party.

In a statement released on Thursday, Letta said he would submit his resignation to President Giorgio Napolitano.

Letta made the decision after party executives overwhelmingly voted against him earlier in the day. The Democratic Party is the largest force in Parliament.

Since taking office in April of last year, Letta has worked to rebuild the country's tattered finances. But he has faced growing criticism from within his own party over the slow pace of economic reform.

It is not yet known whether President Napolitano will accept Letta's resignation.

But even if the president does, he is unlikely to dissolve Parliament in order to avoid deepening the political turmoil.

Speculation is mounting that the president may appoint Democratic Party leader Matteo Renzi to replace Letta.