Arab Today, arab today economist monti takes on mission to rescue italy
Last Updated : GMT 13:56:07
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.\"

arabstoday
arabstoday

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

 



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 Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israeli court convicts Palestinians of 2016

GMT 04:39 2017 Tuesday ,17 October

Israeli court convicts Palestinians of 2016
Arab Today, arab today Iran's Facebook shuts down

GMT 23:50 2017 Monday ,16 October

Iran's Facebook shuts down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Anoshka happy for reactions to her talk show

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:55 2017 Thursday ,12 October

Safaa Sultan happy for “Love School”

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:25 2017 Saturday ,14 October

Squeeze on UK health gives advanced

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
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