Only a day after the exit of Berlusconi, Giorgio Napolitano as the President of Italy gave his formal approval to Mario Monti to become the new Prime Minister on Sunday. In doing so, the cool and competent 68-year-old Monti has replaced the charismatic and flamboyant Silvio Berculoni to head Italy. Lovingly called ‘Super Monti’, the new Italian Premier has recently received the “senator for life” title from the Italian President for his distinguished role as an economist and as ex-European Commissioner.
It is said that Mario Monti had initially showed interest to form a coalition government, but after most of the major parties showed their reluctance, that idea was shelved. It is now expected that the new cabinet would consist largely of technocrats.
As the new Italian Premier, Mario’s priority will be to implement austerity measures, arrest Italy’s piling debt crisis and win back the confidence of financial markets. Not an easy task, considering that Monti will be closely watched not only by his own country, but also by the EU leaders and skeptical investors. It is indeed ‘the’ testing time for Italy’s Super Mario and also a nerve-racking moment for Europe who are desperate to cut back on Euro risk (currency).
Showing posts with label Italian Premier. Show all posts
Showing posts with label Italian Premier. Show all posts
Sunday, November 13, 2011
Wednesday, November 9, 2011
Italian Premier selected Angelino Alfano as the next party head
On Wednesday, the outgoing Prime Miniter of Italy, Silvio Berlusconi, pushed for early elections in 2012 . The Italian Premier claimed that he is not going to contest in the next election. But the longest-serving Italian Prime Minister named Angelino Alfano, as the head of People of Freedom party and likely candidate for the Prime ministerial’s post.
In the mean time, the fear of Italy’s debt crisis worsened on Tuesday as its financial market reacted adversely to the news. Its 10-year government bonds hit a shocking 6.95 percent, a jump of another 0.37 percent from Tuesday’s high. Experts have estimated that over the next few years, Italy would need 825 billion to 907 billion Euros in capital flow to tide through the debt crisis.
Silvio Berlusconi offered to vacate his chair on Tuesday after losing overall majority in Parliament. The announcement came after Berlusconi’s centre-right coalition managed 308 votes out of 316 votes, 8 votes short from absolute majority. The 70-year-old dominant Italian figure would, however, stay until budget reforms are passed by the Italian Parliament. As of yet, no date has been confirmed regarding vote on budget, but it is likely to be later this month.
In the mean time, the fear of Italy’s debt crisis worsened on Tuesday as its financial market reacted adversely to the news. Its 10-year government bonds hit a shocking 6.95 percent, a jump of another 0.37 percent from Tuesday’s high. Experts have estimated that over the next few years, Italy would need 825 billion to 907 billion Euros in capital flow to tide through the debt crisis.
Silvio Berlusconi offered to vacate his chair on Tuesday after losing overall majority in Parliament. The announcement came after Berlusconi’s centre-right coalition managed 308 votes out of 316 votes, 8 votes short from absolute majority. The 70-year-old dominant Italian figure would, however, stay until budget reforms are passed by the Italian Parliament. As of yet, no date has been confirmed regarding vote on budget, but it is likely to be later this month.
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