Skip to comments.Monti forms new Italian govt with no politicians
Posted on 11/16/2011 3:12:49 PM PST by NormsRevenge
ROME (AP) Italian Premier Mario Monti formed a government of bankers, diplomats and business executives Wednesday, saying the absence of politicians in his Cabinet will spare political parties the "embarrassment" of taking the tough decisions needed to steer the country from financial disaster.
The 68-year-old former European Union competition commissioner and his Cabinet were sworn in at a solemn ceremony at the presidential palace that formally ended Silvio Berlusconi's 3 1/2-year-old government and the media mogul's 17-year-long political dominance.
Monti faces his first major hurdle Thursday when he presents his legislative agenda to parliament and subjects his government to a confidence vote in the Senate. The vote in the lower Chamber of Deputies is expected Friday.
In Rome, Monti refused to discuss what if any new austerity measures he might have in store to bring Italy out of its debt crisis, saying only that economic growth was a priority and that he would reveal details of his agenda in his parliament address Thursday.
He told reporters that he would serve as Italy's economy minister as well as its premier as he seeks "sacrifices" from across the political spectrum to solve the economy's woes and get it growing again.
Hopes for his new administration won Italy some respite in financial markets Wednesday, but the relief didn't last long. By afternoon, the yield or interest rate on 10-year Italian bonds was back dangerously near 7 percent the threshold that eventually forced Greece, Ireland and Portugal to seek bailouts.
Up until summer, Italy had mostly avoided the European debt turmoil despite having a jaw-dropping debt of euro1.9 trillion ($2.6 trillion), nearly 120 percent of its GDP. But after Berlusconi's frequent delays and backtracking on austerity measures, the markets lost faith that his government could fix Italy's economic issues.
(Excerpt) Read more at news.yahoo.com ...
Didn't we just do one of them rEscUe thingys not so long ago?
Not to worry, He has a Money Masters Degree from Yale.. and Goldman Sachs on his resume too.
He's gonna need to do a Full Monti to pull this one off..
for a moment tho, imagine a Gubamint without politicos..
This guy said the Greek crisis was a good thing? Weirdo loves debt or something.
No kidding, Monti? That would mean more chicks for me , HuH;-?
I want to un-resign right now.
swearing in ceremony
I guess this means no more orgies.
Bunga bunga, dude!
Did someone say, bunga bunga?!
A government without politicians, I kind of like the sound of that.
GoldmanSachs helped Greece hide their debt.
And this guy is an ex-GoldmanSach guy.
And so is the head of the ECB.
Amazing. The Squid is growing even more tentacles.
Diplomats aren’t politicians? Who knew?
Not if they are all financial cronies from the financial services industry.
That would be very bad.
If they are not, I agree. But I doubt it. They don’t work that way, specially GoldmanSach men.
We are the witnesses of the fading away dhimocracy in europe and in the western world.
And Obhamas, the dangerous demagogue, approves that move . He pushed hard for that
It's not a government without plutocrats. They sure didn't get voted in.
A government without politicians, I kind of like the sound of that
Well it sounds better here than in Italy, I suppose.
He’s gonna have to reach out to everybody , his cabinet is fairly diverse..
btw, Didn’t Italy go thru over 100 coalitional gubamints?
They probably had one of the longest stretches of being governed by Silvio... and now.. the reckoning.. and then ya got poor Greece, they may have to sell some islands.
A government of, by, and for the ECB.
Gerald Celente Hit by MF Global calls this GoldmanSachs guy, 3 Card Monti!
Will we get “The Full Monti(y)?
Will we get The Full Monti(y)?
with dignity, I’m sure. :-}
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