The Italian Socialist Party (Italian: Partito Socialista Italiano, PSI) was a socialist and, later, social-democratic political party in Italy. Founded in Genoa in 1892, the PSI dominated the Italian left until after World War II, when it was eclipsed in status by the Italian Communist Party. The Socialists came to special prominence in the 1980s, when their leader Bettino Craxi, who had severed the residual ties with the Soviet Union and re-branded the party as "liberal-socialist", served as Prime Minister (1983–1987). The PSI was disbanded in 1994 as a result of the Tangentopoli scandals.