Mario Monti wants to stay until next elections

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Source: BBC
© scanpix/AFP

Mario Monti expressed his intention to be in charge of PM of Italy until elections in 2013 . It will be difficult for Italy to overcome financial problems, but the country is strong enough to survive, he said. Despite sound promises and start of formation of new administration, investors' confidence remains low and Italy's 10-year bonds still yield more than 6%.

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Tue, 15 Nov 2011 08:12:25 GMT

Asian markets drop on new European debt fear

Asian stocks experienced a sharp decline as Italian and Spanish borrowing costs surged; rising concerns among investors that debt crisis might strengthen.  Japan's Nikkei Stock Average lost 0.6%, Hang Seng Index trader 1.1% lower while China's Shanghai Composite fell 0.1%. Australia's S&P/ASX 200 slipped 0.4% whereas South Korea's Kospi decreased 0.6%.

Tue, 15 Nov 2011 08:10:55 GMT

Mario Monti faces political confrontation

Mario Monti, prospective Italian PM met political resistance on creating a government as Italian borrowing costs surged and markets returned to downward trend, indicating concern on whether he will be able to tackle debt turmoil. Yesterday Monti strained to make parties agree on taking part in his new government. Monti pointed out that without their support he will not be able to end debt crisis.

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