A Shaken Italy Is Poised to Name a New Government |
| New York Times - Nov 10, 2011 |
Italy pulled back from the brink on Thursday, as lawmakers seemed poised to usher out Prime Minister Silvio Berlusconi and replace his government with a cabinet of technocrats most likely led by a former European Commissioner, Mario Monti.
A day after Italian bond yields hit 7.4 percent, raising fears of an Italian default that could tear apart the euro zone and threaten the global economy, market pressure on Italy eased as it became apparent there was a break in the political impasse over the post-Berlusconi era.
The once-unstoppable Mr. Berlusconi had pledged to step down as soon as the Italian Parliament passed austerity measures demanded by the European Union. But until Thursday the timetable was unclear, and it seemed that Mr. Berlusconi was hoping to buy himself more time in power. But now, with the Senate expected to approve the measures on Friday and the Lower House on Saturday, Mr. Berlusconi is expected to step down by Monday
Read Full Article from New York Times
- Posted: 2011-11-10 14:02:21
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