Latest update 29/11/2011
Italy: Monti to the rescue
Caught under the weight of a massive debt that has reached 120% of its GDP, Italy has been scrambling to regain economic stability and save itself from Europe’s sovereign debt crisis. Following the ignominious departure of Prime Minister Silvio Berlusconi on November 12, the task of implementing the unpalatable cost-cutting reforms demanded by Italy’s European partners has fallen on Mario Monti, a former European commissioner. Monti, whose technocratic cabinet contains no politicians, has said he intends to serve a full term until 2013.