Italy’s Prime Minister-designate Mario Monti hopes to form a new government that could take the country through until the scheduled 2013 election.
Monti has never held elected office and is trying to drum up support from the country’s politicians.
“I believe the most important thing is that they give me their support, without which I would not even be able to start working on this task,” the 68-year-old said, referring to the negotiations. “The timeline for this administration that I have been asked to form runs from today until the end of this parliament at the very least, that is to say Spring 2013. If a date was set beyond that time, this predetermination would remove credibility from the government.”
Former prime minister Silvio Berlusconi resigned last week when the yield on Italian bonds climbed to over seven per cent.
That was the same rate at which Greece, Ireland and Portugal were forced to seek bailouts from the EU and the IMF.