Italy looks to Monti magic
Source: Agencies |
November 14, 2011, Monday
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Print Edition
Print Edition
Italy's president was racing to appoint an emergency government yesterday to face a crisis endangering the eurozone and replace Silvio Berlusconi, who resigned as prime minister to the humiliating jeers of thousands of protesters.
Just a few hours after central Rome echoed with street parties celebrating Berlusconi's departure, President Giorgio Napolitano began a rapid round of meetings with political parties at his hilltop palace.
After the consultations, Napolitano was due to ask former European Commissioner Mario Monti to form a government largely of technocrats in time for the opening of markets today.
Monti will push through reforms agreed by Berlusconi with eurozone leaders to cut Italy's massive debt and revive a stagnant economy.
Italy's political turmoil, centered on the flamboyant and scandal-plagued figure of Berlusconi, has brought the eurozone's third largest economy to the brink of disaster and all eyes will be on market reaction this morning.
"See what a beautiful day it is?" Monti said to reporters as he left his hotel on a crisp, clear day to go to church and then to his Senate office to continue work on forming the government.
Sunday newspapers said Berlusconi's departure marked the end of an era and spoke of the irony of how a media magnate famed for his skills in communicating with the public was seen off by jeering crowds.
Turin's La Stampa called it "a sad exit from the stage," noting how he was forced to leave the presidential palace via a side exit on Saturday night after handing in his resignation because a crowd shouting insults including "clown, clown" made it dangerous for him to exit by the front gate.
Cheers erupted when they heard he had resigned. People sang, danced, broke open bottles of champagne, and an impromptu orchestra near the palace played the Hallelujah chorus from Handel's Messiah. There were also celebrations in Milan and the central city of Bologna.
Opposition newspapers hailed it as "Liberation Day" while pro-Berlusconi dailies warned Italians to "watch your wallets" because a Monti government would impose a host of new taxes.
Following weeks of political uncertainty and growing calls from international partners for action to control its debt, Italy's borrowing costs soared to unmanageable levels last week, threatening a Europe-wide financial meltdown.
Monti met European Central Bank President Mario Draghi and politicians from various parties on Saturday as preparations for a transition began even before Berlusconi stepped down.
Monti has received the backing of the main opposition groups and the conditional acceptance of Berlusconi's center-right PDL but analysts believe he will face an uphill battle with strong public and political opposition to some of the tough austerity measures he will need to implement to satisfy markets and eurozone leaders.
Italy came close to a full scale financial emergency last week after yields on 10-year bonds soared over 7.6 percent, levels which forced Ireland, Portugal and Greece to seek an international bailout.
Just a few hours after central Rome echoed with street parties celebrating Berlusconi's departure, President Giorgio Napolitano began a rapid round of meetings with political parties at his hilltop palace.
After the consultations, Napolitano was due to ask former European Commissioner Mario Monti to form a government largely of technocrats in time for the opening of markets today.
Monti will push through reforms agreed by Berlusconi with eurozone leaders to cut Italy's massive debt and revive a stagnant economy.
Italy's political turmoil, centered on the flamboyant and scandal-plagued figure of Berlusconi, has brought the eurozone's third largest economy to the brink of disaster and all eyes will be on market reaction this morning.
"See what a beautiful day it is?" Monti said to reporters as he left his hotel on a crisp, clear day to go to church and then to his Senate office to continue work on forming the government.
Sunday newspapers said Berlusconi's departure marked the end of an era and spoke of the irony of how a media magnate famed for his skills in communicating with the public was seen off by jeering crowds.
Turin's La Stampa called it "a sad exit from the stage," noting how he was forced to leave the presidential palace via a side exit on Saturday night after handing in his resignation because a crowd shouting insults including "clown, clown" made it dangerous for him to exit by the front gate.
Cheers erupted when they heard he had resigned. People sang, danced, broke open bottles of champagne, and an impromptu orchestra near the palace played the Hallelujah chorus from Handel's Messiah. There were also celebrations in Milan and the central city of Bologna.
Opposition newspapers hailed it as "Liberation Day" while pro-Berlusconi dailies warned Italians to "watch your wallets" because a Monti government would impose a host of new taxes.
Following weeks of political uncertainty and growing calls from international partners for action to control its debt, Italy's borrowing costs soared to unmanageable levels last week, threatening a Europe-wide financial meltdown.
Monti met European Central Bank President Mario Draghi and politicians from various parties on Saturday as preparations for a transition began even before Berlusconi stepped down.
Monti has received the backing of the main opposition groups and the conditional acceptance of Berlusconi's center-right PDL but analysts believe he will face an uphill battle with strong public and political opposition to some of the tough austerity measures he will need to implement to satisfy markets and eurozone leaders.
Italy came close to a full scale financial emergency last week after yields on 10-year bonds soared over 7.6 percent, levels which forced Ireland, Portugal and Greece to seek an international bailout.
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