Italian politicians paid tribute Friday to former president Giorgio Napolitano, a veteran of several governments, who died at the age of 98. Renowned for his moderation and statesmanship, Napolitano was regarded as a guarantor of stability in a time of chronic turbulence in Italian politics.

The former Communist Party leader served as head of state in a number of governments between 2006 and 2015.

Prime Minister Georgia Meloni offered her cabinet's "deepest condolences" to Napolitano's family.

The country's current president, Sergio Mattarella, said Napolitano had led "important battles for social development, peace and progress in Italy and Europe".

And Pope Francis, in a telegram to Napolitano's widow, paid tribute to a man he described as having dedicated his career to preserving the "unity and harmony" of his country.

"I gratefully recall the personal meetings I had with him, during which I appreciated his humanity and foresight in making important choices with rectitude, especially at delicate times for the life of the country," Pope Francis wrote.&nbsp;

<a href="https://www.wionews.com/videos/silvio-berlusconi-dies-at-the-age-of-86-italy-news-603477">Watch |&nbsp;Silvio Berlusconi dies at the age of 86 | Italy News</a>

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Born in 1925 under Mussolini's rule, Napolitano joined a communist resistance group at the age of 17, before joining the party in 1945 and being elected to parliament in 1953.&nbsp;&nbsp;

After the dissolution of the Communist Party, Napolitano rose to the top of Italian politics with the Democratic Party of the Left.&nbsp;

He was elected president in 2006 and served as head of state during a period of chronic political instability.

Despite his plan to retire after his first term in 2013, inconclusive legislative elections forced Napolitano back into office until his resignation in 2015.&nbsp;

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Italian politicians paid tribute Friday to former president Giorgio Napolitano, a veteran of several governments, who died at the age of 98. Renowned for his moderation and statesmanship, Napolitano was regarded as a guarantor of stability in a time of chronic turbulence in Italian politics.

Italian politicians paid tribute Friday to former president Giorgio Napolitano, a veteran of several governments, who died at the age of 98. Renowned for his moderation and statesmanship, Napolitano was regarded as a guarantor of stability in a time of chronic turbulence in Italian politics. The former Communist Party leader served as head of state in a number of governments between 2006 and 2015. Prime Minister Georgia Meloni offered her cabinet's "deepest condolences" to Napolitano's family. The country's current president, Sergio Mattarella, said Napolitano had led "important battles for social development, peace and progress in Italy and Europe". And Pope Francis, in a telegram to Napolitano's widow, paid tribute to a man he described as having dedicated his career to preserving the "unity and harmony" of his country. "I gratefully recall the personal meetings I had with him, during which I appreciated his humanity and foresight in making important choices with rectitude, especially at delicate times for the life of the country," Pope Francis wrote. Watch | Silvio Berlusconi dies at the age of 86 | Italy News × Born in 1925 under Mussolini's rule, Napolitano joined a communist resistance group at the age of 17, before joining the party in 1945 and being elected to parliament in 1953. After the dissolution of the Communist Party, Napolitano rose to the top of Italian politics with the Democratic Party of the Left. He was elected president in 2006 and served as head of state during a period of chronic political instability. Despite his plan to retire after his first term in 2013, inconclusive legislative elections forced Napolitano back into office until his resignation in 2015. WATCH WION LIVE HERE:

Former Italian president Giorgio Napolitano dies aged 98

Shares in Italian banks plunged early Tuesday after the country's right-wing cabinet approved a surprise 40 per cent windfall tax on "surplus profits" generated by the rise in interest rates.

From Intesa Sanpaolo to Unicredit and Monte dei Paschi di Siena, banks lost between six and eight per cent in early morning trading in Milan on the news of the tax, adopted by Prime Minister Giorgia Meloni's ministers late Monday.&nbsp;

The government was "using part of the banks' billion-dollar profits to help families and businesses affected by rising interest rates", Deputy Prime Minister Matteo Salvini said on X, formerly known as Twitter.&nbsp;

He told reporters in Rome after the cabinet meeting that the tax would be levied on banks' "surplus profits" generated by the European Central Bank's interest rate hikes.

The rate hike by the ECB -- the central bank for the 20 countries that use the euro, including Italy -- has boosted banks' profits but increased the cost of money for households and businesses, he said.

Meloni is also using the tax to raise funds for the draft budget for 2024, in part to counter a surprise 0.3 per cent decline in gross domestic product (GDP) in the second quarter of 2023.

Italian banks, like their European counterparts, saw their net interest income soar in the wake of the rise in interest rates.

Italy's biggest bank Intesa Sanpaolo saw its net profit jump 80 per cent to 4.2 billion euros in the first half, while its rival UniCredit posted a half-yearly net profit of 4.4 billion euros.

Spain's left-wing government has also introduced a similar tax on banks scheduled for 2023 and 2024, drawing criticism from the ECB.

Salvini described the Italian cabinet's move as "common sense", but Francesco Galietti, from the Policy Sonar consultancy, said it was a "hugely controversial tax".

Parliament now has two months to convert the cabinet's decree into law, during which time it can be significantly changed. 
 
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Shares in Italian banks plunged early Tuesday after the country's right-wing cabinet approved a surprise 40 per cent windfall tax on "surplus profits" generated by the rise in interest rates.

Shares in Italian banks plunged early Tuesday after the country's right-wing cabinet approved a surprise 40 per cent windfall tax on "surplus profits" generated by the rise in interest rates. From Intesa Sanpaolo to Unicredit and Monte dei Paschi di Siena, banks lost between six and eight per cent in early morning trading in Milan on the news of the tax, adopted by Prime Minister Giorgia Meloni's ministers late Monday. The government was "using part of the banks' billion-dollar profits to help families and businesses affected by rising interest rates", Deputy Prime Minister Matteo Salvini said on X, formerly known as Twitter. He told reporters in Rome after the cabinet meeting that the tax would be levied on banks' "surplus profits" generated by the European Central Bank's interest rate hikes. The rate hike by the ECB -- the central bank for the 20 countries that use the euro, including Italy -- has boosted banks' profits but increased the cost of money for households and businesses, he said. Meloni is also using the tax to raise funds for the draft budget for 2024, in part to counter a surprise 0.3 per cent decline in gross domestic product (GDP) in the second quarter of 2023. Italian banks, like their European counterparts, saw their net interest income soar in the wake of the rise in interest rates. Italy's biggest bank Intesa Sanpaolo saw its net profit jump 80 per cent to 4.2 billion euros in the first half, while its rival UniCredit posted a half-yearly net profit of 4.4 billion euros. Spain's left-wing government has also introduced a similar tax on banks scheduled for 2023 and 2024, drawing criticism from the ECB. Salvini described the Italian cabinet's move as "common sense", but Francesco Galietti, from the Policy Sonar consultancy, said it was a "hugely controversial tax". Parliament now has two months to convert the cabinet's decree into law, during which time it can be significantly changed. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Italy govt shocks with 40 per cent windfall tax on banking sector, leading to share plunge

The Italian President has asked the former head of European Central bank Mario Draghi to form a new government after the collapse of former Prime Minister's coalition government.

Italy's Draghi asked to form the new Italian govt, seeks party backing to end turmoil

Italian Prime Minister Giuseppe Conte faces a showdown with his coalition partner and former premier Matteo Renzi this week that could bring down his government even as it struggles to contain the COVID-19 pandemic. 
Long-strained relations between the two men have deteriorated markedly in recent weeks, with Renzi calling for radical changes to plans to reboot the economy while also demanding that Conte cede his control over the secret services.

The prime minister has resisted the pressure, saying last week he was prepared to confront Renzi in parliament, effectively challenging him to act on his recent threats and abandon the coalition, thereby triggering an ill-timed crisis.

Renzi told Il Messaggero newspaper at the weekend he would not back down and dismissed suggestions that Conte could persuade a limited number of opposition politicians to prop up the government if his small Italia Viva party walked away.

"If he has decided to go to parliament and see the numbers, we accept the challenge," Renzi said. "If ... he goes under, we have several different solutions that can be assessed by parliament and the head of state," he added.

A political source said matters could come to a head at a cabinet meeting expected for Jan. 7, when Conte was expected to ask ministers to support his economic recovery plan. If Italia Viva`s two ministers refused, the prime minister would go to parliament and start work on trying to find a new consensus.

Conte`s two main coalition allies, the 5-Star Movement and centre-left Democratic Party (PD), have both urged restraint, but appeared resigned to an eventual face-off with Renzi, who is looking to carve out a strong identity for his group which is struggling in the opinion polls on around 3%.

"At this point, it is difficult to move ahead without a real clarification, in terms of the content and structure of the government," Luigi Zanda, a senior PD senator, told Corriere della Sera on Sunday.

If the government falls, the coalition parties could seek to draw up a new pact and agree on a new team of ministers, with or without Conte as prime minister. Alternatively, the head of state could try to put together a government of national unity to confront the health and economic crisis.

If all else fails, national elections would have to be held some two years ahead of time, but such an outcome would appear highly unlikely given the COVID emergency in Italy, which has registered 74,985 COVID-19 deaths, the highest toll in Europe and the fifth highest in the world.

Italian Prime Minister Giuseppe Conte faces a showdown with his coalition partner and former premier Matteo Renzi this week that could bring down his government even as it struggles to contain the COVID-19 pandemic.

Italian Prime Minister Giuseppe Conte faces a showdown with his coalition partner and former premier Matteo Renzi this week that could bring down his government even as it struggles to contain the COVID-19 pandemic. Long-strained relations between the two men have deteriorated markedly in recent weeks, with Renzi calling for radical changes to plans to reboot the economy while also demanding that Conte cede his control over the secret services. The prime minister has resisted the pressure, saying last week he was prepared to confront Renzi in parliament, effectively challenging him to act on his recent threats and abandon the coalition, thereby triggering an ill-timed crisis. Renzi told Il Messaggero newspaper at the weekend he would not back down and dismissed suggestions that Conte could persuade a limited number of opposition politicians to prop up the government if his small Italia Viva party walked away. "If he has decided to go to parliament and see the numbers, we accept the challenge," Renzi said. "If ... he goes under, we have several different solutions that can be assessed by parliament and the head of state," he added. A political source said matters could come to a head at a cabinet meeting expected for Jan. 7, when Conte was expected to ask ministers to support his economic recovery plan. If Italia Viva`s two ministers refused, the prime minister would go to parliament and start work on trying to find a new consensus. Conte`s two main coalition allies, the 5-Star Movement and centre-left Democratic Party (PD), have both urged restraint, but appeared resigned to an eventual face-off with Renzi, who is looking to carve out a strong identity for his group which is struggling in the opinion polls on around 3%. "At this point, it is difficult to move ahead without a real clarification, in terms of the content and structure of the government," Luigi Zanda, a senior PD senator, told Corriere della Sera on Sunday. If the government falls, the coalition parties could seek to draw up a new pact and agree on a new team of ministers, with or without Conte as prime minister. Alternatively, the head of state could try to put together a government of national unity to confront the health and economic crisis. If all else fails, national elections would have to be held some two years ahead of time, but such an outcome would appear highly unlikely given the COVID emergency in Italy, which has registered 74,985 COVID-19 deaths, the highest toll in Europe and the fifth highest in the world.

Italian government totters as Conte, Renzi divide deepens