Bloomberg News

Mario Monti Asked by President to Lead New Italian Government

November 13, 2011

Nov. 13 (Bloomberg) -- Mario Monti, former European Union Competition Commissioner, will lead a new government in Italy after the resignation of Prime Minister Silvio Berlusconi.

Italian President Giorgio Napolitano offered Monti the post after sounding out the country’s political parties for their support in consultation today at the Quirinale Palace in Rome, Donato Marra, secretary general of the presidency, told reporters in Rome. Monti accepted the offer.

Monti, 68, must present the names of his cabinet ministers to Napolitano before he can be sworn in. He will then face confidence votes in both houses of Parliament. Leaders of Berlusconi’s People of Liberty party told Napolitano that they will support a Monti government, virtually ensuring his confirmation in parliament, which may come this week.

Berlusconi, who has dominated Italian politics for almost two decades, presented his resignation last night to Napolitano after the parliament in Rome gave final approval to a

plan to spur growth and tame the region’s second-biggest debt.

Berlusconi, 75, said on Nov. 8 that he would resign as soon as those budget measures were passed after defections left him without a majority in parliament and Italy’s 10-year bond yield surged to more than 7 percent, the level that prompted Greece, Ireland and Portugal to seek EU bailouts.

To contact the editor responsible for this story: Andrew Davis at abdavis@bloomberg.net


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