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Berlusconi's Party Backs Economist as New PM

Mario Monti faces gargantuan task

By Polly Davis Doig, Newser Staff

Posted Nov 13, 2011 12:31 PM CST

(Newser) – Silvio Berlusconi's conservative party is backing economist Mario Monti to put together a new coalition, leaving the man they call "professor" some outlandish shoes to fill and Italy's towering financial crisis to dig out of. And there's a catch: Monti's got to do it all ASAP, with the call for new elections nipping at his heels. The backing is tenuous, notes the AP, with Berlusconi's Freedom People party also warning Monti against appointing members of the opposition to the Cabinet. Nevertheless, for the time being, "We have given our willingness to Professor Monti," says the party chair.

The stakes couldn't be higher: Amid Rome's treacherous politics, Monti must enact severe austerity measures and show his "too big to bail out" country is serious about avoiding default—or risk tearing apart the euro zone. He faces $2.6 trillion in debt, $410 billion of which is due next year.

Italian Premier Silvio Berlusconi greets supporters as he leaves his residence, Palazzo Grazioli, in Rome, Sunday, Nov. 13, 2011. (AP Photo/Gregorio Borgia)

Former European commissioner and top designated Italian Premier Mario Monti leaves the Senate, in Rome, Sunday, Nov. 13, 2011. (AP Photo/Isabella Bonotto)

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Showing 3 of 5 comments

mehrheit

Nov 14, 2011 2:29 AM CST

In less than two weeks, Goldman Sachs has taken over both the European central bank (via new president Mario Draghi) and Italy. The "economist" Monti is an international advisor to Goldman Sachs and a founder of Euro think-tank Bruegel, one of my favorite painters. Looks like it's time for GS to extract Europe. http://www.nationaljournal.com/economy/-government-sachs-italian-style-20111110

beeze

Nov 13, 2011 6:43 PM CST

Of course they hand more power to the financial elite. We have been lied to - they are setting all of us up for a crash. It's time for a genuine movement. http://thrivemovement.com/

TiredMemeCat

Nov 13, 2011 5:54 PM CST

Better than a sex-crazed mogul, but aren't economists rather part of this entire pyramid-shaped problem?

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Berlusconi's Party Backs Economist as New PM

Mario Monti faces gargantuan task

OTHER STORIES ON OUR RADAR

Italy • Giorgio Napolitano • Silvio Berlusconi • eurozone • Italian economy • European Union debt crisis • Mario Monti

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More Newser Stories

Italy Passes Austerity Measures Amid Strikes

Furious unions protest with transport shutdown

Italy's Monti Forms Politician-Free Government

He's sworn in as PM ... ciao, Berlusconi!

Europe Braces for Greek Exit

Hollande backs eurobonds at inconclusive summit

To Protest Budget Cuts, Museum Torches Art

It calls burnings 'political, necessary, and compelling'

Eurozone Economy Shrinks

Nine of 17 member states post a fall

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