Arab Today, arab today economist monti takes on mission to rescue italy
Last Updated : GMT 08:00:38
Arab Today, arab today
Arab Today, arab today

Mario would outline economic programme on Thursday

Economist Monti takes on mission to rescue Italy

Arab Today, arab today

Arab Today, arab today Economist Monti takes on mission to rescue Italy

Italy's new Prime Minister Mario Monti (R) shakes hands with outgoing leader Silvio Berlusconi
Rome - AFP

Italy\'s new Prime Minister Mario Monti (R) shakes hands with outgoing leader Silvio Berlusconi Mario Monti replaced Silvio Berlusconi as Italy\'s prime minister on Wednesday and appointed himself finance minister at the head of a technocratic cabinet to rescue the eurozone heavyweight from bankruptcy.
The former European commissioner said his new team would \"race\" to implement \"coordinated initiatives for economic growth and development\", as he took over from the larger-than-life billionaire media mogul Berlusconi.
Monti, who was formally sworn in by President Giorgio Napolitano, said he would outline his economic programme on Thursday, with intense pressure from financial markets and international leaders to implement reforms quickly.
French President Nicolas Sarkozy immediately congratulated Monti.
\"The weeks to come will be decisive. Together we will succeed,\" he said.
\"I am convinced that Italy\'s adoption of new measures in addition to plans already put in place will permit it, with confidence, to rediscover the way to stability and growth,\" he added.
Eurogroup chief Jean-Claude Juncker said the appointment was \"good news for Italy and for the eurozone.\" He urged Monti to \"put the country back on the road of political, financial and economic credibility.\"
Tarcisio Bertone -- secretary of state for the Vatican, which had been increasingly critical of Berlusconi -- said the cabinet was \"a good team\".
At a ceremony to mark the transition of power, Berlusconi, flashing his trade-mark smile, handed Monti a bell rung at the start of cabinet meetings.
Berlusconi, who has vowed a comeback, stepped down on Saturday following intense market pressure, and his resignation was met by cries of \"Buffoon!\" and \"Mafioso!\" as overjoyed Italians partied and danced in the streets of Rome.
In Monti\'s new cabinet, Corrado Passera, chief executive of Italy\'s biggest retail bank Intesa Sanpaolo, will head up a reinforced economic development, transport and infrastructures ministry charged with boosting growth.
\"I am confident the markets can be convinced with clear action. Italy is worth more than the markets think,\" Passera told reporters.
Another key appointment was Social Affairs Minister Elsa Fornero, an expert in pension reform expected to take charge of that highly sensitive issue.
\"These are very competent people,\" said Gianluca Spina, director of the MIP business school in Milan, adding however: \"The issue is not whether these people are good but whether they will have the support from parliament.\"
The new government will go to a confidence vote in parliament on Thursday which Monti is expected to win handsomely but the political risks could come when he moves to implement painful and long-delayed reforms, experts said.
As he scrambled to put together his cabinet this week, Monti sought to build consensus around the idea that Italians will have to make \"sacrifices\".
He has won endorsements from all of Italy\'s main political forces but he faces a major challenge in steering a course through a fractious political world, with particularly intense sniping from Berlusconi\'s allies.
The soft-spoken Monti has meanwhile garnered support of more than half of Italians according to a poll by IPR Marketing, which said 53 percent favour him -- though many right-wing voters are still upset over Berlusconi\'s exit.
Tense markets fluctuated before and after Wednesday\'s nomination, with the rate on Italian 10-year government bonds hovering around the 7.0-percent warning threshold that has set off alarm bells around Europe and beyond.
Stock market investors were upbeat however and Milan closed up 0.80 percent.
Italy has to issue 440 billion euros in debt next year, said the main public debt representative in the Italian Treasury, Maria Cannata. She admitted that this would now be \"more complicated\" because of market volatility.
Italy has a debt mountain of 1.9 trillion euros ($2.6 billion).
Despite his 10-year stint in Brussels, Monti has never held office in Italy but has already shown mettle by insisting that his government has to stay in power until 2013 -- the scheduled date for the next general election.
As European commissioner, Monti famously fined US technology giant Microsoft nearly 500 million euros ($672 million at current exchange rates) and blocked a massive $42-billion merger between General Electric and Honeywell.
The departing Berlusconi reportedly spent his last day in office packing up gifts -- a scimitar from Kazakhstan and a Ming dynasty vase from China, which the jocular premier had famously pretended to drop to the horror of diplomats.
Also on Wednesday, Berlusconi\'s singer friend Mariano Apicella released an album of love songs written by the departing premier.
\"Stay, and leave me your heart,\" says one poignant lyric. Another says: \"I adore you and I already miss you.\"

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today economist monti takes on mission to rescue italy Arab Today, arab today economist monti takes on mission to rescue italy

 



Arab Today, arab today
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 09:57 2017 Tuesday ,21 February

Greece agrees to bailout reforms compromise

GMT 09:55 2017 Monday ,20 February

Thailand 2016 growth up but below junta target

GMT 09:29 2017 Monday ,20 February

Kraft Heinz withdraws bid for Unilever

GMT 09:22 2017 Monday ,20 February

China's huge debt poses big headache for central bank

GMT 18:23 2017 Sunday ,19 February

Darwesh vows to provide job opportunities for youth

GMT 12:10 2017 Sunday ,19 February

Welcomes the F&B solution of the future

GMT 10:06 2017 Friday ,17 February

South Korea's Hanjin Shipping declared bankrupt
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday