Photo: Getty / Brendan Hoffman
Italian PM Mario Monti will not serve past the end of his term in mid-2013, Bloomberg reports.The technocrat faces mounting disapproval within his country amid unpopular austerity measures.
Nonetheless, investors credit Monti with putting Italy on a more sustainable path to fiscal health and shaking up the old system of government.
His incumbency followed that of the highly criticised former PM Silvio Berlusconi, who had angered both Italians and Europeans and showed little desire to make watershed economic reforms in order to return the country to growth.
News that Monti will be out after his term ends next year will hurt investor confidence, as doubts about Italy’s political system remain high. Technically, Monti could be forced out sooner if his coalition faces stiff opposition.
Italy will hold its next general elections in April 2013.
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