Today's Coming Crisis Movie

Wednesday, November 16, 2011

New Italian Cabinet Contains No Politicians, Only "Technocrats"

Italy's new leader Mario Monti has formed a technocratic government containing no politicians as the country attempts to stave off financial disaster.

Economist and former European commissioner Mr Monti, who will be both prime minister and economic minister, has announced his new cabinet after two days of consultation.

Among the unelected technocrats he appointed was Corrado Passera, chief executive of Italy's biggest retail bank Intesa Sanpaolo. He was named infrastructure and industry minister.

Mr Monti has the task of pushing through tough austerity plans demanded by European leaders to restore shattered confidence in the country.

The new leader said he was aiming to restart economic growth and hoped international markets would be placated by the installation of the new government.

He said it would need to convince the Italian public and parliament about what were expected to be painful austerity policies, and also paid tribute to outgoing PM Silvio Berlusconi who resigned on Saturday, bowing to market pressure. more