Tag Archives: Premier Mario Monti

Italian govt speeds state payments to vendors

The Italian government has approved a decree to pay 40 billion euros ($52 billion) owed by government entities to private businesses over the next 12 months to help relaunch Italy‘s stagnant economy.

Premier Mario Monti acknowledged Saturday after his caretaker government adopted the decree that overdue payments had become “a bad habit” that put a heavy burden on business owners.

State entities on an average pay their bills six months after services are rendered and some 90 days after the official due date, which Monti said put Italy behind Spain, Portugal and Greece.

Delayed government payments are a major factor behind liquidity shortages faced by many small and medium-sized Italian companies. Reduced turnover in the recession means many businesses, in turn, are having trouble keeping up with even small debts.

…read more

Source: FULL ARTICLE at Fox World News

Italy faces political gridlock after crucial election

The prospect of political paralysis hung over Italy on Monday as partial official results in crucial elections showed an upstart protest campaign led by a comedian making stunning inroads, and mainstream forces of center-left and center-right wrestling for control of Parliament’s two houses.

The story of the election in the eurozone’s third largest economy was shaping up to be the astonishing vote haul of comic-turned-politician Beppe Grillo, whose 5 Star Movement has capitalized on a wave of voter disgust with the ruling political class.

Another surprise has been the return as a political force of billionaire media mogul Silvio Berlusconi, who was forced from the premiership at the end of 2011 by Italy‘s debt crisis, and whose forces now had a strong chance of capturing the Italian Senate. His main rival, the center-left Pier Luigi Bersani, appeared headed toward victory in Parliament’s lower house.

The unfolding murky result raised the possibility of new elections in the coming months and bodes badly for the nation’s efforts to pass the tough reforms it needs to snuff out its economic crisis. After surging in the wake of exit polls, Milan’s main stock index slumped with first projections before closing up slightly.

The Italian election has been one of the most fluid in the last two decades thanks to the emergence of Grillo’s 5 Star Movement, which has throbbed with anger with politics as usual. The movement came against a backdrop of harsh austerity measures imposed by technocrat Premier Mario Monti — who has fared miserably in the elections.

Many eligible voters didn’t cast ballots, and a low turnout is generally seen as penalizing established parties. The turnout, at just under 75 percent, was the lowest in national elections since the republic was formed after World War II. Disgust with traditional party politics likely turned off voters, although snow and rain — this was Italy‘s first winter time national vote — also could be a factor.

The decisions Italy‘s government makes over the next several months promise to have a deep impact on whether Europe can decisively stem its financial crisis. As the eurozone’s third-largest economy, its problems can rattle market confidence in the whole bloc and analysts have worried it could fall back into old spending habits.

Bersani, a former communist, has reform credential as the architect of a series of liberalization measures and has shown a willingness to join with Monti, if necessary. But he could be hamstrung by the more left-wing of his party.

His party would have to win both houses to form a stable government, and given the uncertainty of possible alliances, a clear picture of prospects for a new Italian government could take days. It is all but impossible that Bersani would team up in a “grand coalition” with his arch-enemy Berlusconi.

Grillo’s camp also played down the prospect of cooperation with the ex-premier, who has been embroiled in sex and corruption scandals.

“Dialogue with Berlusconi? It is very difficult to imagine that Berlusconi would propose useful ideas (for the movement),” said 5 Star Movement candidate Alessandro Di …read more
Source: FULL ARTICLE at Fox World News

Comic's protest movement shakes up Italy election

The burly man with a shock of silver curls and a scruffy beard gesticulates wildly on the Milan’s Piazza del Duomo, unleashing a sprawling diatribe against the political establishment.

“Send them home, send them home!” Beppe Grillo cries, as tens of thousands of supporters send up a deafening cheer.

Crisis-hit Italians are fed up. And no one is tapping that vein of outrage better than comic-turned-political agitator Grillo and his anti-establishment 5 Star Movement.

Grillo fills piazzas from Palermo deep in the south to Verona up north with Italians who seem to get some catharsis from his rants against the politicians who drove the country to the brink of financial ruin, the captains of industry whose alleged illegal shenanigans are tarnishing prized companies — and the bankers who aided and abetted both.

Grillo’s campaign is significant not only because he shows strong chances of being the third — some project even the second — party in Parliament after the Sunday and Monday vote. The 5 Star Movement is the strongest protest party ever seen in Italy, creating a fluid and unpredictable electorate at a time when the nation needs a clear direction to fight its economic woes. A strong election showing for Grillo could hinder coalition-building efforts among mainstream parties, leading to a period of political paralysis.

“Grillo cannot be underestimated,” said Renato Mannheimer, one of Italy‘s most respected pollsters. “He is very important,”

“More than protest, Grillo is an expression of disappointment in this political class. His followers are not anti-political. Most are interested in politics, but these politicians disgust them.”

The most recent polls of voter sentiment show Grillo in third place, with 17 percent of the vote, behind Pier Luigi Bersani, the center-left candidate for premier, who enjoys 33 percent of the vote and Silvio Berlusconi‘s center-right coalition with the Northern League in second with 28 percent. Premier Mario Monti‘s centrist coalition is preferred by 13 percent of voters in the COESIS poll of 6,212 respondents, which had a margin of error of plus or minus 1.2 percent.

A trading scandal at Italy‘s third largest bank, Monte dei Paschi di Siena, as well as accusations of corruption at the government-controlled Finmeccanica and the Italian gas and oil giant Eni have served recently to push a stream of outraged voters into Grillo’s arms.

…read more
Source: FULL ARTICLE at Fox World News

Police track elusive figure in soccer match-fixing

At 5:45 a.m. on Nov. 4, 2011, when early risers would have been sipping espressos and buttering toast, a man dressed in black disembarked at Milan’s Malpensa Airport after a 13-hour trip from Asia aboard a Singapore Airlines flight.

Italian court documents show he stayed in the country just 6 hours and 30 minutes, never left the airport, and then boarded a return flight to Singapore.

Why such a quick hop across the globe?

Italian authorities believe it was to deliver bribe money. They allege the suspected courier, who was under surveillance, delivered information and cash on behalf of a crime syndicate that fixes soccer matches.

___

EDITOR’S NOTE: This story is part of a six-month, multiformat AP examination of how organized crime is corrupting soccer through match-fixing.

___

Italy, a four-time World Cup-winning football power, has become so blighted by match-fixing that Premier Mario Monti has even suggested halting the professional game for two to three years to clean it up.

Italian prosecutors investigating dozens of league and cup games they say were fixed have followed a trail back to a figure who is thought to be in Singapore. In documents laying out their findings, prosecutors alleged that 48-year-old Tan Seet Eng is the boss of a crime syndicate that allegedly made millions betting on rigged Italian games between 2008 and late 2011, through bribing players, referees and club officials.

Italian authorities have issued an arrest warrant for Tan and list him as their No. 1 suspect, but they have been unable to take him into custody.

Tan Seet Eng, nicknamed Dan, surfaces in all the European investigations examined, including the Italian one, so therefore he constitutes a common thread that links each criminal gang together,” prosecutors stated in a 340-page court document detailing their investigation, which has been leaked to Italian news media. “He directs the aforementioned criminal gang.”

Italian authorities have about 150 people under investigation, including Tan, but have yet to indict any of them, prosecutor Roberto Di Martino told The Associated Press last month. Italian arrest warrants cannot be served on Tan while he is in Asia.

…read more
Source: FULL ARTICLE at Fox World News

Finmeccanica CEO arrested in corruption probe

Italian police arrested the chief executive of Italy‘s largest defense and aerospace group on Tuesday as part of an investigation into alleged international corruption.

Finmeccanica CEO Giuseppe Orsi is under investigation in a case involving the payment of €500 million ($670 million) in bribes for the sale of 12 helicopters to the government of India. Prosecutors in Busto Arsizio, north of Milan, ordered a search of Orsi’s home, as well as the headquarters of Finmeccanica’s AgustaWestland helicopter division.

Authorities also ordered the house arrest of AgustaWestland CEO Bruno Spagnolini.

Finmeccanica, which is 30-percent government owned and was once considered a jewel among Italian companies, said in a statement that it will continue operating as usual and expressed support for the executives. The statement called the measures against Orsi and Spagnolini “precautionary.”

Orsi has repeatedly denied paying any bribes.

Finmeccanica shares dropped 8.4 percent to €4.36 in Milan trading despite an order by the market watchdog banning short-selling of the company’s stock. Short-selling is when traders sell stock they do not actually own, hoping to buy it back at a lower price.

Finmeccanica and its executives have been the target of a wide-ranging, years-long investigation into alleged corruption in the awarding of international contracts. In 2011, Orsi took over at the helm of Finmeccanica when the previous chairman and CEO, Pier Francesco Guarguaglini, was also implicated in the bribery investigation.

Guarguaglini and his wife, who ran a subsidiary, are accused of setting up slush funds to funnel money to political parties.

Premier Mario Monti, whose technical government has wrestled with the Finmeccanica case, said the governance issues at the aerospace company would be dealt with “as soon as possible.” Monti said that anti-corruption measures need to be reinforced on a national level.

“It is important not only morally and civilly, but also economically because it facilitates economic investment in our country,” Monti said on state radio.

…read more
Source: FULL ARTICLE at Fox World News

Berlusconi: if I win, Italians get home tax back

Media mogul Silvio Berlusconi is promising Italians if they vote him back into office that he will not only abolish an unpopular tax on primary residences, but he’ll refund property taxes Premier Mario Monti‘s government made them pay in 2012.

Berlusconi abolished the tax when last elected premier in 2008, but Monti, who replaced him in 2011 as Italy sunk into the Eurozone debt crisis, revived it to help fill state coffers.

Berlusconi told a gathering of supporters Sunday the revenue lost by reimbursing homeowners the €4 billion ($5.4 billion) they paid in property taxes could be compensated by eliminating state financing for political parties, raising cigarette taxes and taxing Italians’ assets in Switzerland.

The populist’s center-right forces trail a center-left coalition in opinion polls ahead of Feb. 24-25 elections.

Source: FULL ARTICLE at Fox World News

Mussolini's granddaughter running for seat in Italian Parliament

A granddaughter of Benito Mussolini is running for Italy’s Parliament and defending the late fascist leader much like Silvio Berlusconi recently did.

Edda Negri Mussolini said in comments in Corriere della Sera Wednesday she is running on a ticket headed by Gianfranco Fini, a former neofascist ally of Berlusconi who is now a moderate backing Premier Mario Monti in February elections.

Negri Mussolini says she is proud of her grandfather for his doing “many good things,” including cleaning up malaria-plagued swamps near Rome. But she denounced as “monstrous errors” her grandfather’s anti-Jewish laws, dictatorship and violence. Berlusconi on Sunday provoked outrage when, attending a Holocaust commemoration, he said Benito Mussolini did much good despite the crackdown on Italy’s Jews.

Another granddaughter of the dictator, Alessandra Mussolini, already serves in Parliament.

Source: FULL ARTICLE at Fox World News

Mussolini granddaughter runs for Italy Parliament

A granddaughter of Benito Mussolini is running for Italy’s Parliament and defending the late fascist leader much like Silvio Berlusconi recently did.

Edda Negri Mussolini said in comments in Corriere della Sera Wednesday she is running on a ticket headed by Gianfranco Fini, a former neofascist ally of Berlusconi who is now a moderate backing Premier Mario Monti in February elections.

Negri Mussolini says she is proud of her grandfather for his doing “many good things,” including cleaning up malaria-plagued swamps near Rome. But she denounced as “monstrous errors” her grandfather’s anti-Jewish laws, dictatorship and violence. Berlusconi on Sunday provoked outrage when, attending a Holocaust commemoration, he said Benito Mussolini did much good despite the crackdown on Italy’s Jews.

Another granddaughter of the dictator, Alessandra Mussolini, already serves in Parliament.

Source: FULL ARTICLE at Fox World News

Lombardy stars as kingmaker in national elections

One region looms large over Italy‘s upcoming election: Lombardy.

The nation’s industrial powerhouse and home to its financial capital Milan, the region generates a fifth of Italy‘s wealth and boasts one-sixth of its population. The way Lombardy goes will likely determine whether the eurozone’s third largest economy gets the stable government it needs to take strong action against its economic crisis.

It’s not for nothing that Lombardy is being dubbed by the media “Italy‘s Ohio” — for the U.S. state that has historically helped swing American presidential elections.

Until recently, Lombardy’s choice has been taken for granted. It’s where billionaire businessman and former premier Silvio Berlusconi has his home base. And it’s where Berlusconi’s on-again, off-again allies, the populist Northern League, draw some of their strongest support. Together, the two forces have all but swept the Lombardy sweepstakes in recent elections.

Things are different this time around.

Polls show that the center-right coalition led by Silvio Berlusconi and the center-left forces backing Democratic Party leader Pier Luigi Bersani‘s bid for premier are neck-and-neck in Lombardy.

The Bersani camp has made its surprising inroads due largely to Berlusconi’s ongoing legal woes, including a trial on a charge of paying for sex with an underage teen, and his decision to team up again with the anti-Europe Northern League.

The wild-card in the Lombardy race is former Milan Mayor Gabriele Albertini. He defected from Berlusconi’s People of Liberty Party and aligned himself with Premier Mario Monti‘s centrist forces, bolstering the reformist leader’s chances of taking a powerful role in the next government — although Monti’s own chance of victory is slim.

With Bersani leading in national polls for control of the lower house in the Feb. 24-25 vote, most eyes are on the race for the Senate. While winning the lower house could put Bersani in the driver’s seat to form a government, no coalition will be able to rule effectively without control of the Senate.

Lombardy delivers 49 of the Senate’s 315 seats, significantly more than any other region — giving it an outsized role in the outcome of the election. With undecided voters running around 30 percent, there is still a lot of room to woo support.

Albertini is important because he could siphon votes away from Berlusconi and the Northern League. This could boost the chances of pro-Monti forces to help Bersani create a stable Senate majority. There’s also an outside chance that moderate forces from left and right might rally around Monti to give him another stint as premier. If, however, the Berlusconi camp triumphs in the Senate, Italy can expect a burst of political chaos, with a hung Parliament just as it needs bold action to attack its economic woes.

In Lombardy, Berlusconi is entering another marriage of convenience with the raucous, anti-immigrant Northern League. The League has propped up Berlusconi in the past, but their squabbles have also dragged down the media mogul’s governments and created an ugly spectacle that has hurt international confidence in Italy.

Many in Lombardy’s center-right are horrified by Berlusconi’s renewed alliance with the League. Among them is Albertini, a former industrialist who broke with Berlusconi in protest over his deal with the League, causing him to embrace Monti’s economic reform drive and more moderate political tone.

In an interview with The Associated Press, Albertini criticized Berlusconi for adopting “demagogic and populist language” including a promise to scrap an unpopular property tax, and rants about German domination and a purported conspiracy to make Italy pay more to borrow money. He has also slammed Berlusconi’s attempts at a political comeback, which comes a year after being forced from office amid a loss of faith in his ability to manage Italy‘s debt crisis, and legal woes that include corruption charges and the underage prostitution scandal.

Albertini, 62, is backing Monti campaign to introduce a reform culture to Italian politics, engage more deeply with Europe and re-align centrist forces, once gathered around the old Christian Democratic Party that was wiped out in the bribery scandals of the early 1990s.

“Our bet is that we are facing a moment of political transition,” Albertini said. “And that the leadership of Premier Mario Monti becomes the transition toward another scenario, different from one that sees the opposition positions of two irreconcilable worlds, both damaging to our country.”

Source: FULL ARTICLE at Fox World News

Italian bank scandal becomes electoral issue

An Italian comedian-turned-political activist attacked the head of Monte dei Paschi bank over a trading scandal on Friday. Angry shareholders, meanwhile, sought explanations for millions in expected losses before accepting a capital increase needed to safeguard the bank.

Beppe Grillo, a popular comedian whose anti-establishment 5 Stelle movement is fourth in the polls ahead of next month’s elections, accused the bank of covering up a hole he estimated at €14 billion (€19 billion).

Such a loss would put it on par with the fraud that sank dairy company Parmalat, the largest to date in Europe. It is also far above most estimates for the loss from three trades, which range in the hundreds of millions of euros.

Chairman Alessandro Profumo, the former head of Unicredit who took over last year, challenged Grillo, a shareholder, to back up his allegation.

“Tell me where this comes from? There is no hole,” Profumo said, according to Italian news agency LaPresse.

The heated exchange took place at a shareholders’ meeting that approved capital increases needed for the bank to receive up to €3.9 billion ($5.22 billion) in state aid. The aid includes €500 million to cover losses from three transactions that had been allegedly covered up. The lion’s share of the aid will help the bank, which has been hit hard by the European debt crisis, meet new capital requirements.

Profumo said it was too early to provide details of the three complex financial transactions, one of which will reportedly result in a €200 million loss in 2012. The bank is investigating the transactions and is due to present the results in mid-February.

The scandal at the world’s oldest running bank has quickly become fodder for campaigning politicians, with accusations flying of a lack of oversight and political meddling in the bank.

Italian Economics Minister Vittorio Grilli said the problems with the trades “could come to light now” because some of them carried such long expiration dates, meaning losses were only booked recently.

Grilli is set to testify to a parliamentary finance committee on Tuesday. He will have to answer questions over the handling by Premier Mario Monti‘s 13-month-old government‘s handling. It has been criticized for failing to provide adequate oversight and for providing aid to Monte dei Paschi.

Monti, speaking on RAI state radio, said Italian banks were “among the most solid in Europe” and that the government would be repaid the bailout money.

The board of Montepaschi, as it is more commonly known, on Thursday issued a statement expressing concern over what it called the “exploitation” of the events by politicians and other public figures — and warned that the use of such phrases as “failure” were both without basis and damaged the bank’s clients, shareholders and employees.

The scandal over the transactions caused shares to lose 20 percent of their value in three days of trading. The rebounded a full 14 percent to €0.26 on Friday as investors bought into expectations that Italy would not allow the bank, founded in 1472, to fail.

The bank’s former chairman has resigned from his latest job at the Italian Banking Association as a result of the revelations. The Bank of Italy claims the former management hid the transactions, which were only revealed by the new team that took over last year.

____

Angela Charlton contributed from Davos, Switzerland.

Source: FULL ARTICLE at Fox World News

Berlusconi: I won't be premier if my party wins

Silvio Berlusconi says he won’t be premier again should his conservative party, trailing in opinion polls, win Italian elections next month.

The media mogul told a TV interviewer in Rome on Sunday that his political heir, Angelino Alfano, is his choice for premier. For months, Berlusconi has been coy about whether he wants a fourth term as premier.

Front-runner in polls is center-left leader Pier Luigi Bersani. But it appears unlikely he’ll win enough votes to govern alone. A potential coalition partner is caretaker Premier Mario Monti, heading a centrist ticket and trailing behind Berlusconi in polls. Monti, an economist appointed in 2011, indicated in a newspaper interview Sunday he might soften his reform which made it easier to fire workers, a move which could please potential left-leaning allies.

Source: FULL ARTICLE at Fox World News

Italy's 3-year borrowing rate lowest since 2010

Italy has easily raised €3.5 billion ($4.64 billion) in the sale of 3-year bonds, paying the lowest interest rates for such debt since March 2010, as investors shrug off political uncertainty ahead of elections.

The borrowing rate dropped to 1.85 percent, from 2.05 percent at the last such auction last month. Demand was 1.45 times the offer.

Michael Hewson, senior analyst at CMC Markets, says the rates are dropping despite uncertainty over elections next month because investors see “diminishing risks of a potential euro break-up. “

The election is a race between centrist forces backing caretaker Premier Mario Monti, former Premier Silvio Berlusconi‘s center-right alliance with the Northern League and the center-left Democratic Party led by Pier Luigi Bersani. Bersani leads in the polls and has pledged to continue reforms.

Source: FULL ARTICLE at Fox World News

Italy's borrowing costs drop sharply in debt sale

Financial markets appear to be shrugging off worries over a bitter election campaign in Italy, with the government paying the lowest rate in three years to raise 12-month money on bond markets.

The Italian treasury auctioned off €8.5 billion ($11.1 billion) in Treasury bills Thursday, paying an interest rate of 0.86 percent, the lowest since January 2010. It paid 1.46 percent on a similar bill in mid-December.

Polls show the center-left party substantially in the lead ahead of general elections in February. But the media have been filled with speculation it may not win a clear majority in both houses of parliament.

Analysts for UniCredit, Italy‘s largest bank, say this may actually be positive, forcing the left into cooperating with the reform-minded centrist parties led by outgoing Premier Mario Monti.

Source: FULL ARTICLE at Fox World News

Berlusconi teams up with Northern League

Former Premier Silvio Berlusconi says he has reached a deal with the Northern League, his onetime coalition partners, to jointly run in elections next month.

Berlusconi announced the late-night deal signed at his villa near Milan on Italian radio on Monday. But the billionaire media mogul said it was still unclear whom the center-right coalition would back to run as premier.

Berlusconi has for weeks been toying with a run for a fourth term. He has already come out strongly against Premier Mario Monti‘s unpopular decision to impose a property tax on first homes.

While the Northern League has ruled in coalition with Berlusconi three times, the relationship has been rocky at best — with the League being behind the downfall of previous Berlusconi governments.

Source: FULL ARTICLE at Fox World News

Italy again sees higher borrowing costs at auction

Italy‘s borrowing costs have risen for the second day in a row in a pair of bond auctions that also failed to raise as much money as expected.

The Italian Treasury said Friday it raised €5.88 billion ($7.8 billion) in its auction of 10- and 5-year bonds, shy of the €6 billion target. The interest rates on the 10-year debt rose from 4.45 percent last month to 4.48 percent while the rate for five-year bonds was 3.26 percent, up from the 3.23 percent.

Italy also saw its borrowing costs inch up in Thursday’s auction of six-month paper. The country had been enjoying several months of falling interest rates thanks to reforms introduced by Premier Mario Monti and the European Central Bank‘s offer to buy up bonds.

Source: Fox World News

Italy's borrowing costs rise ahead of elections

Italy‘s borrowing costs rose slightly Thursday in an auction of six-month bonds held in the wake of Premier Mario Monti‘s resignation and uncertainty about his participation in the campaign for February’s elections.

The Italian Treasury sold the €8.5 billion ($11.24 billion) in paper Thursday, but the interest rate charged on the bond was 0.949 percent, up from 0.919 percent in November’s auction. Demand was 1.57 times the amount on offer.

Italy‘s borrowing costs have fallen over the past year thanks to a combination of the reforms introduced by Monti’s technical government and the European Central Bank‘s offer to buy up bonds in countries struggling with their debts. However, Monti resigned last week after Silvio Berlusconi‘s party yanked support for his technical government. He remains on in a caretaker role.

In his end-of-year press conference, Monti excluded running for office but said he would consider leading the next government if politicians who back his reform agenda request it. In the days since, he has published a detailed, 25-page political platform and urged like-minded politicians to back it. He sent his first tweet boasting of having saved Italy “from disaster” and calling for politics to be renewed.

All of which has led to widespread speculation that it’s just a matter of time before he becomes an official candidate, in one form or another. Italian newspapers on Thursday were full of speculation about Monti’s behind-the-scenes jockeying, whether he’ll head a ticket of likeminded politicians, his role in selecting other candidates to run, possible alliances and feuds that will be formed in the next two months.

“No one understands if he’ll remain neutral, if he’ll head a Monti ticket linked to other like-minded tickets, or if he will lead a single ticket that absorbs all the centrist parties,” analyst Luca Ricolfi wrote in Thursday’s La Stampa, adding that it is unlikely that Monti himself has decided on what course to take.

The center-left Democratic Party is ahead in the polls with about 30 percent of the vote, and is eager to see Monti fade from the political scene for fear that he will take away votes. Berlusconi’s People of Liberty party trails in the polls and is even more openly hostile to Monti’s jockeying after the he spurned Berlusconi’s offer to lead a center-right ticket.

The Democratic Party got a boost Thursday with the decision by the country’s respected anti-mafia prosecutor, Pietro Grasso, to run for office under the party ticket. The ANSA news agency said Grasso would make the announcement official at a press conference Friday with the center-left’s candidate for premier, Pierluigi Bersani.

Berlusconi, meanwhile, has been on TV over the past few days, promising that if elected he would remove the property tax on primary residences that Monti re-imposed as part of his austerity measures. Berlusconi had cut the unpopular tax soon after taking office in 2008, at the start of his third stint as premier.

Monti has defended the tax as both necessary and reasonable, given that most industrialized countries impose such a tax on homeowners’ primary residence.

Source: Fox World News

Pope to Italians: Remember 'values' in election

Pope Benedict XVI’s Christmas message to Italians is being read as a near-endorsement of another term for Premier Mario Monti.

Pro-Vatican centrists are pressing Monti to run. Monti, an economist appointed in 2011 to save Italy from financial crisis, is a practicing Catholic whose Cabinet includes a minister closely linked to the Vatican. Monti says he’d serve again if asked by political forces backing his austerity agenda.

Benedict’s greeting to Italians Tuesday included a wish that they reflect on a “hierarchy of values” when making important choices.

The ANSA news agency says that is “very close” to a Monti endorsement for February’s elections. Vatican pronouncements wield influence in Italian politics

Monti’s predecessor, Silvio Berlusconi, is plagued by sex and corruption scandals. Berlusconi, denying any wrongdoing, hasn’t clarified if he’s running.

Source: Fox World News

For someone not running in Italy, Monti has a plan

For someone not running for political office, Premier Mario Monti has an awfully detailed plan for how to fix Italy‘s financial woes and bring the country and the rest of Europe back to economic health.

Monti issued a 25-page agenda to “Change Italy, Reform Europe” late Sunday after announcing he had ruled out campaigning for February elections, but would consider leading the next government if politicians who share his focus on reform request it.

Monti outlined the steps Italy must take to finish the reforms his 13-month technical government launched to reign in Italy‘s public debt, spur economic growth and bring Europe‘s No. 3 economy out of recession.

Some of his priorities include attracting greater foreign investment, investing in research, exploiting Italy‘s cultural treasures and fighting tax evasion and corruption.

Source: Fox World News

Monti weighs running as Italy sets stage for vote

Italy‘s president is meeting with political leaders to set the stage for general elections early next year as Premier Mario Monti weighs whether to run for office after having handed in his resignation.

Monti, appointed 13 months ago to steer Italy away from a Greek-style debt crisis, stepped down Friday after ex-Premier Silvio Berlusconi‘s party yanked its support for his technical government.

His resignation sets the stage for President Giorgio Napolitano to dissolve parliament and set a date for elections, expected in February, after consulting Saturday with leaders of Italy‘s political parties. More eagerly anticipated though is Monti’s decision, expected Sunday, as to whether he will run.

Small centrist parties have been courting Monti, but Italian newspapers said Saturday he was inclined to refuse. The center-left Democratic Party is expected to win.

Source: Fox World News