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You know you messed up when the person who succeeds you is your exact opposite. This is exactly what happened to the tale of Silvio Berluscioni’s fall from grace only to find the quintessential un-Berlusconi figure waiting to take his place: Mario Monti will lead Italy in a new technocratic government.
And it seems he already has the support — Italian debt markets showed a slight rebound last Thursday as news circulated “Super Mario” is the front-runner for PM.
With ties to every major business in Italy, it’s no surprise Monti was able to gather a huge support system in such a short period of time. The Italians have decided that the new PM would have to be the exact opposite of Berlusconi in order to deal with Europe’s 1.9 trillion in euro debt — and save themselves a fate similar to Greece.
Monti is also very well connected to international organisations and corporations, like Goldman Sachs, whom he once advised.
It began on Wednesday when President Napolitano appointed him as a senator-for-life after a “courtesy visit,” reported NPR. The next day, Berlusconi wished Monti success “in working in the interests of the country.”
“[Wednesday’s] events confirmed our view that the most likely outcome of the political crisis will be a bipartisan coalition government, headed by Mario Monti,” wrote economists at UniCredit Bank in Milan. “This is the option we and the markets would prefer.”
After the Italian parliament met over the weekend to approve the 2012 budget program with new growth measures, Berlusconi handed over his resignation. As predicted by a UniCredit analysts on Thursday, Monti was the new PM by Sunday.
A Monti government would “definitely have the ability to attract a broad political consensus and to push ahead a reform agenda more in line with the requests coming from the international institutions and the ECB,” a UniCredit analysts told Market News International.
Along with different strategic management innovations, we hope Monti also tries to stay out of scandals that’s plagued Berlusconi the past three years.
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