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Italy nominates new PM to help solve financial crisis (2)


11:07, November 14, 2011

Napolitano said Italy needs to make extraordinary efforts to shake off the crisis, adding that regaining markets' trust is necessary as Italy gets ready to refinance nearly 200 billion euros (275.7 billion U.S. dollars) of government bonds next April.

The president said all political forces should back the new government in order to help the country in its current "fragile" state.

Monti taught economics at Turin University for 15 years and then became rector and finally president of Bocconi University in Milan.

During his two terms as EU commissioner for the internal market (1994-1999) and commissioner for competition (1999-2004), the new prime minister earned the reputation of being a highly capable and reliable worker.

Monti is expected to implement austerity reforms aimed at cutting Italy's massive debt, about 1.89 trillion euros (2.56 trillion dollars), so as to reassure international markets' confidence after yields on the country's 10-year government bonds jumped over the 7-percent red line last week.

According to local analysts, besides the austerity measures approved previously, Monti will push through further reforms to lead Italy out of its financial mess.

European Commission chief Jose Manuel Barroso and EU President Herman Van Rompuy issued a joint statement Sunday welcoming Monti's nomination.

Earlier in the week, Berlusconi lost his majority in the parliament's lower chamber and promised to resign as soon as the austerity package was approved by the two houses of parliament.

In a video address Sunday, the former Italian prime minister said he would redouble his efforts in parliament to modernize Italy.

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