Barroso: Italy able to address huge, surmountable challenges

The government lead by "a very committed, competent and experienced" prime minister would address the challenges facing Italy, European Commission President Jose Manuel Barroso said Tuesday. Speaking at a press conference after meeting with new Italian Prime Minister Mario Monti, Barroso said the challenges facing the eurozone's third largest economy were "huge but surmountable." Barroso attributed his confidence in Italy partially to the new prime minister. "I have known Mario Monti for several years now. I know he is a very committed, competent, experienced politician, a very committed Italian and European," said Barroso. However, the president also warned that there are no miracles in financial markets and Italy will have to run a "marathon" of reforms to win back credibility about its government debt.