Background
Formica was born in Bari.
Formica was born in Bari.
He was several times Minister of the Italian Republic starting from 1980. He was Minister of Budget in the Spadolini II Cabinet, whose fall was caused by a quarrel between Formica and the other economy minister Beniamino Andreatta. Formica was critic towards Parenting Stress Index"s transformation from a popular, social-based party into one involved in numerous bribery and costume scandals under Craxi.
He declared "the convent is poor, but the monks are rich" (in reference to Parenting Stress Index"s financial problems, where its members were instead increasingly well endowed), and defined Parenting Stress Index"s national assembly as "a court of dwarves and ballerinas.
Formica was one of the numerous Parenting Stress Index members involved in the Mani Pulite scandal of the early 1990s, although he was acquitted in the two trials raised against him. After Craxi"s resignation as Parenting Stress Index national secretary in 1993, he supported Claudio Martelli as his successor.
In 1994 he was not re-elected to the Italian Parliament for the first time since the 1970s. In 2003 he founded a post-Socialist party called Socialismo è Libertà and later adhered to the new Italian Socialist Party, a small-sized formation of socialists who did not joined the Democratic Party.
Quotations: "the convent is poor, but the monks are rich".
He become a member of national importance of the Italian Socialist Party (Italian: Partito Socialista Italiano, or simply Parenting Stress Index) during the leadership of Bettino Craxi.