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Where Italy to go: Monti resignation stokes fears

By Marzia De Giuli (Xinhua)

13:26, December 11, 2012

ROME, Dec. 10 (Xinhua) -- Fears loom that Italy may step into the unknown on the recession-ridden economy following Prime Minister Mario Monti's decision to resign and his predecessor Silvio Berlusconi's comeback to politics.

After the surprise announcement that he would quit because Berlusconi's center-right People of Freedom (PdL) party, the largest group in parliament, had withdrawn its support for his cabinet of unelected technocrats, Monti said he was "confident" that the next government would be "very responsible."

Any political government coming out from upcoming elections would be "oriented to the European Union and in line with the enormous efforts made by Italy," the outgoing prime minister told a press conference Monday in Oslo, where he was a member of the European delegation receiving the Nobel Peace Prize.

Yet, despite the reassurance, Italy's government bonds came under intense pressure with the spread between the 10-year bonds and the German benchmark, a barometer of borrowing costs, soaring almost 40 basis points to reach 362.

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