Arab Today, arab today market turmoil as italy\s monti prepares new cabinet
Last Updated : GMT 16:16:19
Arab Today, arab today
Arab Today, arab today

Market turmoil as Italy\'s Monti prepares new cabinet

Arab Today, arab today

Arab Today, arab today Market turmoil as Italy\'s Monti prepares new cabinet

Rome - AFP

Italy\'s Mario Monti was poised to unveil his new government with eurozone financial markets in turmoil on Tuesday, as he tried to build a strong consensus to push through painful economic reforms. The former European commissioner won crucial support from the country\'s two main political groupings -- the centre-left Democratic Party and outgoing premier Silvio Berlusconi\'s centre-right People of Freedom party. The economist, who has said Italians face \"sacrifices\" to fight off an unprecedented debt crisis, was due to meet trade union leaders and representatives of women\'s and youth groups later on Tuesday. Investors piled the pressure on Monti with stocks in Milan losing more than 2.0 percent and Italy\'s borrowing costs breaking through a 7.0-percent threshold that has set off alarm bells around Europe and beyond. \"Monti is afraid. He is concerned that his government may find itself without political sponsors and last only a few months after being bashed around by the guerilla in parliament,\" La Repubblica daily said. Corriere della Sera urged Monti to represent \"a vast public opinion, uniting for the first time people who never voted Berlusconi along with his many supporters who now want someone else to get us out of the ditch\". Monti said Monday that he wanted his cabinet to stay on until 2013 -- the scheduled date for the next elections, defying calls for a shorter time in government from some political leaders who want early elections. The 68-year-old Monti has also asked for investors to be patient after intense international lobbying for him to forge a cabinet and move urgently to tackle Italy\'s worryingly high 1.9-trillion euro ($2.6-trillion) debt. \"I am not ignoring the importance of the markets but we are in a democracy and there is a certain time that is needed,\" he said on Monday. European stock markets and the euro fell against the dollar on Tuesday, as analysts said the new leaders of Italy and Greece had to act fast. \"Whilst the new governments led by reform-minded economists are seen as a good starting point for the reform process, implementation will at best take time,\" said Ric Spooner, chief market analyst at CMC Markets in Sydney. Lee Hardman at The Bank of Tokyo-Mitsubishi UFJ in London, said: \"While any new Italian technocrat government will likely improve the likelihood of more credible fiscal consolidation measures and required economic reforms being implemented, the market will need to be convinced.\" The worst performer on the Milan exchange was aerospace and defence giant Finmeccanica, which plummeted 16 percent after the company unveiled a net loss of 324 million euros for the first nine months of the year. That came a day after Italy\'s biggest bank UniCredit announced it had suffered a 10.64 billion euro loss in the third quarter and would cut 5,200 jobs by 2015 in a sign the country is far from shaking off the crisis. There were scenes of joy in the streets of Rome when Berlusconi resigned following a parliamentary revolt and a wave of market panic, but Italians are sobering up to an uncertain political and economic future. President Giorgio Napolitano has said he wants the government to be in place by the end of the week and has warned of a need for urgency because 200 billion euros of Italian debt becomes due by April next year. Italian analysts said the new Monti government could be sworn in by Napolitano as early as later on Tuesday or by Wednesday. The new government could then receive formal approval from Italy\'s upper and and lower houses of parliament on Thursday and Friday, the reports said. The European Union, which together with the International Monetary Fund is now auditing Italy under a newly-imposed monitoring mechanism, has warned the country may need to pass extra budget austerity measures. Monti\'s nomination has however been applauded by Brussels. \"What I hope now is that in Italy there will be a necessary political consensus,\" European Commission head Jose Manuel Barroso said on Monday. \"If there is real consensus around this new government, I hope that confidence ... of the investors will come back to 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 market turmoil as italy\s monti prepares new cabinet Arab Today, arab today market turmoil as italy\s monti prepares new cabinet

 



Arab Today, arab today
Arab Today, arab today Rabia Fatima reveals role of "Facebook" in her career

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in 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 Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
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 21:36 2017 Wednesday ,22 February

Opec needs to prolong cuts to eliminate surplus

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables

GMT 05:18 2017 Wednesday ,22 February

Chinese PM: US should avoid ‘trade war,’

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced
View News in Arabic - Business: نفط وبتروكيماويات
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 Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
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 Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 14:29 2017 Monday ,20 February

Prepares to present 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