Italy: Monti to the rescue

Special Report

Last modification: 29/11/11

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.

Monti to unveil new govt as bond yields hit danger level

Italian Prime Minister designate Mario Monti (pictured) will form a new government Wednesday as the country’s bond yields climbed to over 7%, the level at which Greece and Ireland were forced into bailouts.

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ITALY

New PM Monti intends to serve until 2013

Italy’s new Prime Minister Mario Monti hailed the first day of talks to form a government as constructive on Monday, saying he hoped to establish an administration that would carry the country through to the next scheduled elections in 2013.

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ITALY

Markets react positively to Italy's leadership change

European investors were cautiously optimistic at the start of Monday's trading following the appointment of economist and former European Commission minister Mario Monti as the head of Italy's government at the weekend.

ITALY

Mario Monti nominated to form new government

Economist and former European Commission minister Mario Monti was on Sunday tapped to lead Italy's new government, a day following the resignation of Silvio Berlusconi. Monti vowed to work quickly to tackle Italy's debt crisis.

ITALY

Italy scrambles to form transition government

Italy’s new president is meeting with the country’s main political parties Sunday to discuss replacing outgoing premier Silvio Berlusconi and forming a transitional government in order to reassure financial markets before they open on Monday.

ITALY

The twilight of Berlusconi's long reign

After 17 years on the political scene, Italian Prime Minister Silvio Berlusconi heeded calls to resign on Saturday, just hours after Italy's lower house gave final approval to a raft of unpopular austerity measures.

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ITALY

Berlusconi's rule comes to an end

Italian Prime Minister Silvio Berlusconi tendered his resignation Saturday after parliament adopted economic reforms that he set as a precondition for leaving. The scandal-ridden leader was Italy's longest-serving prime minister.

ITALY

Parliament OKs financial reforms, Berlusconi to quit

Italy's lower house approved economic reforms Saturday, under increasing EU and market pressure. Prime Minister Silvio Berlusconi, who had promised EU leaders he would resign once the reforms passed, is expected to step down later in the evening.

ITALY

Berlusconi’s likely successor garners wide support

Italy’s outgoing prime minister, Silvio Berlusconi, has backed the choice of former European commissioner Mario Monti as his likely successor, saying Monti would work “in the country's interests”.

ITALY

Berlusconi departure fails to calm markets

As investor fears over political instability in Italy deepened, the country’s president tried to calm markets Wednesday by promising that Silvio Berlusconi will keep his word and step down soon as premier.

ITALY

Berlusconi narrowly wins vote but loses majority

MARKETS

Italian debt fears trigger global market losses

Global stocks plunged Wednesday after Italian bond yields soared to 7% on debt fears and on the ongoing eurozone crisis. The S&P 500 lost 3.7 percent, its biggest one-day drop since August, while the Dow Jones industrial average fell 389 points.

ITALY

Italian debt rate breaches key 7% level

Italy’s borrowing costs entered danger territory Wednesday after it breached 7%, an indication that the markets have little faith in the country’s ability to repay its loans. Prime Minister Silvio Berlusconi’s pledged to resign Tuesday.

ITALY

Mass rally calls for Berlusconi’s departure

Tens of thousands of Italians gathered in Rome on Saturday to protest Prime Minister Silvio Berlusconi's tackling of the country's sovereign debt crisis.

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