Italian President Sergio&nbsp;Mattarella&nbsp;was re-elected for a second term on Saturday (January 29), with party chiefs asking him to carry on after a week of fruitless voting in parliament to choose a successor.

At the eighth round of balloting among more than 1,000 lawmakers and regional delegates in the Chamber of Deputies, loud applause broke out when&nbsp;Mattarella&nbsp;passed the 505 votes needed for election.

Overall,&nbsp;Mattarella&nbsp;obtained 759 votes.

Mattarella, 80, had ruled out remaining in office, but with the country's political stability at risk he changed his mind in the face of appeals from parliamentary leaders who met him at his palace earlier in the day.

Relieved party chiefs thanked&nbsp;Mattarella&nbsp;for agreeing to remain, but the failed attempts to replace him during seven rounds of balloting have left deep scars, with potentially dangerous repercussions for political stability.

Nonetheless, financial markets are likely to react positively to the status quo, which will see Prime Minister Mario Draghi, who had made clear he hoped to become president himself, continuing on as prime minister instead.

In Italy's political system, the president is a powerful figure who gets to appoint prime ministers and is often called on to resolve political crises. Governments in the euro zone's third-largest economy survive around a year on average.

Italian President Sergio Mattarella was re-elected for a second term on Saturday (January 29), with party chiefs asking him to carry on after a week of fruitless voting in parliament to choose a successor.

Italian President Sergio Mattarella was re-elected for a second term on Saturday (January 29), with party chiefs asking him to carry on after a week of fruitless voting in parliament to choose a successor. At the eighth round of balloting among more than 1,000 lawmakers and regional delegates in the Chamber of Deputies, loud applause broke out when Mattarella passed the 505 votes needed for election. Overall, Mattarella obtained 759 votes. Mattarella, 80, had ruled out remaining in office, but with the country's political stability at risk he changed his mind in the face of appeals from parliamentary leaders who met him at his palace earlier in the day. Relieved party chiefs thanked Mattarella for agreeing to remain, but the failed attempts to replace him during seven rounds of balloting have left deep scars, with potentially dangerous repercussions for political stability. Nonetheless, financial markets are likely to react positively to the status quo, which will see Prime Minister Mario Draghi, who had made clear he hoped to become president himself, continuing on as prime minister instead. In Italy's political system, the president is a powerful figure who gets to appoint prime ministers and is often called on to resolve political crises. Governments in the euro zone's third-largest economy survive around a year on average.

Italian President Sergio Mattarella re-elected for second term

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Italian President Sergio Mattarella re-elected for second term