Mario Monti to Succeed Berlusconi as Italy's Prime Minister?
Monti's 'Senator For Life' Title Indicates Likely Candidate for New Prime Minister of Italy
Many believe respected economist Mario Monti’s newly anointed title “Senator for Life” indicates his succession as Italy’s prime minister.
Prime Minister Silvio Berlusconi announced he would step down Tuesday after losing to a parliamentary majority on a budget vote.
According to BBC, Berlusconi stepped down “amid mounting concern that Italy could be the next victim of the eurozone debt crisis.”
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Berlusconi announced his resignation shortly after parliament approved a massive economic reform package aimed at cutting Italy’s 1.9 trillion euro public debt.
Berlusconi indicated he would not step down until parliament implements the package. Parliament will speed up processes over the weekend to implement the package by next week.
Parliament hopes the package will pull Italy from the euro debt crisis that already engulfed Greece and Ireland.
If elected as the new prime minister, Monti would hold a technocratic government.
On Wednesday, Monti was appointed a “Senator for Life,” which is an implied indication he could be asked to form his own government once Berlusconi steps down.
“I offer my congratulations and those of the government for his nomination as a senator for life, which is testimony to his achievements, and I wish him success in working in the interests of the country,” said Berlusconi in a statement on Wednesday.
Monti, age 68, is revered throughout Italy’s political community as being honest and hardworking. He is nicknamed “Super Mario” for his record standing as a European Commissioner.
La Repubblica described Monti as “one of the most Anglo-Saxon of Italy’s public figures, in the sense of his aplomb, his style and his composure.”
On Wednesday, Italy’s cost of borrowing reached a new record, with government bond yields rising to 7 percent. BBC contended the rate is “widely regarded as unsustainable.”
Italy’s President Giorgio Napolitano remains optimistic in light of Italy’s dire economic strains.
"I am sure Italy will make it. Our country and all its political and social forces will be up to the challenge," said the President.
