Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Italy's Renzi regains party leadership with big primary win

Published 04/30/2017, 06:54 PM
Updated 04/30/2017, 06:54 PM
© Reuters. Italy's Former PM Renzi speaks during news conference in Brussels

By Gavin Jones

ROME (Reuters) - Matteo Renzi, staging a political comeback less than five months after resigning as Italy's prime minister, easily regained the leadership of the ruling Democratic Party (PD) on Sunday with an overwhelming victory in a primary election among party supporters.

According to partial results, Renzi had about 72 percent of the vote, held in makeshift polling booths around the country. About 2 million party members voted in the primary. Justice Minister Andrea Orlando had 19 percent while Michele Emiliano, the governor of the southern Puglia region, had about 9 percent.

Both of his opponents, as well as Prime Minister Paolo Gentiloni, called to congratulate him, and Renzi gave a long victory speech at party headquarters.

"Forward together," Renzi said to applause.

Renzi, 42, resigned as prime minister in December after a crushing defeat in a referendum over constitutional reforms aimed at streamlining lawmaking. He was replaced by Gentiloni, his foreign minister, but he quickly began planning a comeback.

With a national vote due by May 2018, polls show the ruling PD has slipped behind the anti-establishment 5-Star Movement, which questions the country's euro membership. Renzi's ability to counter the 5-Star surge may be crucial to fending off an existential threat to the euro zone.

However, under Italy's proportional representation voting system, no party currently looks likely to win enough seats in parliament to govern alone.

Renzi, with his confrontational leadership style, has become a divisive figure, and there is no guarantee he would be named prime minister of a future coalition government even if the PD were to win the most votes during the election.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

While Renzi remains the most popular politician among PD voters, the party and his own appeal look much weaker than during his heyday as prime minister, after he failed to convert his ambitious reform agenda into reality.

Renzi's current personal approval rating is about half of the 50 percent he posted three years ago, according to the Ixe polling institute.

Polls show 5-Star now has around 30 percent of the vote and a lead of between 3 and 8 percentage points over the PD after a dispute between Renzi's loyalists and left-wing traditionalists caused a party split in February.

"I voted for Renzi because he's got more drive and determination than the others, but I'm not convinced he'll get back into government," said computer engineer Luigi Mancini, a PD supporter in Rimini on the Adriatic coast.

"With the (proportional representation) voting system we've got, it seems unlikely that anyone will get a majority," he added.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.