Arab Today, arab today monti launches radical reforms for italy
Last Updated : GMT 00:27:35
Arab Today, arab today
Arab Today, arab today

Thousands of students protest in Milan

Monti launches radical reforms for Italy

Arab Today, arab today

Arab Today, arab today Monti launches radical reforms for Italy

Italian Prime Minister Mario Monti
Rome - AFP

Italian Prime Minister Mario Monti Prime Minister Mario Monti laid out radical economic reforms on Thursday aimed at cutting Rome\'s huge debt mountain, boosting growth and preventing Italy from dragging down the eurozone .
Italy must stop being considered Europe\'s \"weak link,\" he said as he announced austerity measures which would be balanced by \"growth and equity\" to help lift Rome out of the eurozone crisis and affirm its place in the eurozone.
As well as planned cuts, Italy must \"invest in its young and talented\" and \"tackle unfair privileges\" enjoyed by certain sectors of society, he said.
Monti, who is racing to implement initiatives demanded by Europe, including a pensions and labour market overhaul, told Italians fearful of losing their sovereignty that the reforms were not being \"imposed by external forces.\"
\"It\'s not a case of them on one side and us on the other. We are Europe.\"
 \"The future of the euro also depends on what Italy will do in the next few weeks,\" he said.
Monti agreed with German Chancellor Angela Sarkozy and French President Nicolas Sarkozy, in phone talks, on the need to accelerate EU measures \"to assure the eurozone\'s financial stability and growth.\"
Monti explained his plans \"to restore market confidence and address Italy\'s economic situation,\" according to a joint text issued after their talks.
Before the promised reforms can be set in stone, the new cabinet faced a confidence vote in the Senate late on Thursday, and the lower house on Friday.
Monti, who replaced the billionaire media mogul Silvio Berlusconi, is expected to win both votes easily. But he could face a political backlash when he begins implementing the painful and delayed economic reforms.
While he has won endorsements from all of Italy\'s main political forces so far, the economist faces a major challenge in steering a course through a fractious political world, with intense sniping from Berlusconi allies.
 Thousands of students took to the streets in Italian cities ahead of his speech. In Milan they threw flares at riot police during protests against a technocratic government they fear will act in favour of fat cats and bankers.
The soft-spoken Monti appears, however, to have already garnered the support of more than half of Italians, according to a poll by IPR Marketing.
The inclusion of key pension and labour reforms sought by the EU in Italy\'s crisis game plan is expected to reassure markets.
\"We need measures to make the economy less fossilised, help new industries grow, improve public services and favour youth and female employment,\" he said.
\"If we fail, if we don\'t carry out the necessary reforms, we will also be subjected to much harsher conditions,\" Monti warned.
Economics professor Giuliano Noci said the programme \"includes everything one could imagine carrying out in Italy and would allow -- if implemented -- a truly great revival of the country.\"
The technocrat faces his first international test next week, when he is expected to travel to Brussels, Berlin, Paris and London, it said.
 Monti said he had been in \"intense contact\" with many heads of government to ensure Italy an \"assertive presence in Europe\" and \"psychologically and politically reposition our country\" on the international scene.
Fitch ratings agency said there was \"a window of opportunity for the new Italian government to generate a positive surprise\" and \"break the negative market dynamics and shift bond yields towards a more sustainable level.\"
But it warned: \"Italy is likely already in recession\" and the cabinet\'s task has been made \"more difficult\" by the downturn in activity across the eurozone.
The International Monetary Fund (IMF) announced it would send a monitoring team to Italy this month at the invitation of the Italian authorities.
The rate on Italian 10-year government bonds has hovered around the 7.0-percent warning threshold that set off alarm bells in Europe and beyond, but dropped down to 6.84 percent following Monti\'s speech.
Milan\'s stocks, however, closed down, in line with other European markets.
Italy has to issue 440 billion euros (about $590 billion) in debt next year.
 The Italian Banking Association (ABI) said Thursday it will back a \"Bond Day\" when Italians can help their country ease its debt mountain of 1.9 trillion euros ($2.6 trillion) by buying debt commission-free.
Despite a 10-year stint in Brussels, Monti has never held office in Italy but has already shown his mettle by insisting his government has to stay in power until 2013 -- the scheduled date for the next general election.
Berlusconi, who has vowed a comeback, bowed to intense market pressure and resigned on Saturday to cries of \"Buffoon!\" as Italians danced in the street.

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 monti launches radical reforms for italy Arab Today, arab today monti launches radical reforms for italy

 



Arab Today, arab today
Arab Today, arab today Ideen Belmahdy happy to be part of “ Fashion Star”

GMT 17:00 2017 Sunday ,26 February

Ideen Belmahdy happy to be part of “ Fashion Star”
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 12:38 2017 Thursday ,23 February

Lower fares hit Qantas first half profit

GMT 10:57 2017 Thursday ,23 February

Chief executive out at Paramount Pictures

GMT 07:26 2017 Thursday ,23 February

A peek inside Qatar's 'gas capital of the world'

GMT 11:26 2017 Wednesday ,22 February

Dutch corporate takeover defences tough to breach

GMT 11:14 2017 Wednesday ,22 February

Lloyds Banking Group posts surging profits

GMT 10:01 2017 Tuesday ,21 February

Egypt pound rebounds from flotation slide
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
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 Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
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 Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre
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