Monti due to present new Italian govt

2011-11-16 09:08

kalahari.com

Rome - Prime Minister designate Mario Monti is expected to unveil Italy's new government on Wednesday after an intense two days of consultations aimed at staving off a major financial crisis that has pushed Italy's borrowing costs to untenable levels.

The presidential palace said Monti would meet President Giorgio Napolitano at 11:00 to tell him formally that a government could be formed.

Monti told reporters on Tuesday night the "framework is now clearly delineated" for his government but declined to give details, saying he would work them out "in the next few hours" and brief the president on Wednesday before announcing them.

Italian media said he would go to the meeting with Napolitano with his cabinet list ready. It was not clear when the government would be sworn in.

The government, expected to be made up of technocrats, will have to tackle a crisis that has brought Italy to the brink of economic disaster and endangered the entire euro zone.

"I would like to confirm my absolute serenity and conviction in the capacity of our country to overcome this difficult phase," Monti said.

Before the end of the week, the new government is expected to outline its programme and seek confidence votes from parliament, which will formally invest it with power.

Monti, who won the backing of all political forces except the Northern League, must push through a tough austerity programme demanded by European leaders to restore shattered confidence in Italy and take market pressure off the country.

Collapse of confidence

Yields on Italy's 10-year BTP bonds climbed to over 7% on Tuesday, the level at which Greece and Ireland were forced into bailouts. Italy is too big to be bailed out with the resources currently available.

Emma Marcegaglia, head of the employers association Confindustria, told reporters after meeting Monti: "We said we will support his government very strongly. We think this government is the last chance for Italy to exit from this situation of emergency."

Crucial to Monti's success was the backing of the PDL party of outgoing prime minister Silvio Berlusconi, who was forced to step down on Saturday by the fast-worsening crisis.

Napolitano, who has engineered the extremely rapid government transition in response to the collapse of confidence in Italy, nominated Monti for the premiership on Sunday night.

The president has called for an extraordinary national effort to win back the confidence of markets, noting that Italy has to refinance about $273bn of bonds by the end of April.

Monti said his government should last until the next scheduled elections in 2013, despite widespread predictions that politicians intend to give him only enough time to implement reforms before precipitating early polls.

Read more on:    mario monti  |  italy
NEXT ON NEWS24X
SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
/News

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Magical Massinga

Spend 5 nights at the gorgeous Massinga Beach Lodge in Mozambique and only pay for 4 from R13 220 per person sharing. Includes return flights, accommodation, transfers and romantic turndown. Book now!

Kalahari.com - shop online today

Pre-order your iPhone 6 at kalahari.com

Hurry and pre-order your own iPhone 6 now at SA’s favourite online store!

Bargain box – 60% off

Reduced prices, very limited stock. While stocks last. Hurry and shop now!

Mind blow low prices on electronics

Get either the Prestigio multiphone or Proline tablet 7” tablet for only R699. Offers valid while stocks last. Shop now!

30% off Barbie toys

Save 30% on all Barbie toys and accessories. Offer valid while stocks last. Shop now!

Baby extravanganza month at kalahari.com

Celebrate baby month with a wide range of awesome baby products. Offers valid while stocks last. Shop now.

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Horoscopes
Aquarius
Aquarius

Mind power dominates and can help you to uncover things from a deeper level, but it can also create entanglements if you let your...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.