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Lagarde demands clarity from Italy

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Lagarde demands clarity from Italy


As Italy scrambles to find a replacement for current Prime Minister Silvio Berlusconi, the stock exchange in Milan remains fickle.

Italian 10-year bond yields rose above seven percent on Wednesday, a level considered unsustainable by economists.

During her visit to China, IMF Head Christine Lagarde called for resolution: “Political clarity; it is much needed in Greece, it’s much needed in Italy. There are clearly some rumours, allegations, trepidation, expectations, no one really understands exactly who is going to come out as leader and when I think that confusion is particularly conducive to volatility. So, from my perspective, as IMF leader, political clarity is conducive to more stability.”

Rumours are currently circulating that former EU Commissioner Mario Monti might take over the reigns when Berlusconi leaves.

However, the insistence by the head of the Italian government on holding elections to decide the next leader, is being seen as further adding to the postponement of putting through important economic reforms.

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