Mario Monti, Italy’s prime minister designate, said he is not convinced the country can overcome the current crisis as he prepares to meet with President Giorgio Napolitano tomorrow to present his new government.
Two days of talks seeking support from political parties, unions and employers were intense but not useful.He said that all parties involved in the talks offered their contributions for possible sacrifices to obtain a positive result.
The former European Union Competition Commissioner has been under pressure to announce his new team, with the yield on Italy’s 10-year bond exceeding the 7 percent threshold today. That level had prompted Greece, Ireland and Portugal to seek EU bailouts. Monti said he will conclude the process with Napolitano tomorrow.
Europe’s inability to contain a regional debt crisis that started in Greece more than two years ago led to a surge in Italian borrowing costs as investors bet on which nation may be next to need aid. Monti, an economist and former adviser to Goldman Sachs Group Inc., will try to reassure investors that Italy can cut a 1.9 trillion-euro ($2.6 trillion) debt and spur economic growth that has lagged behind the euro-region average for more than a decade.
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