Mario Monti has been named Italy’s new prime minister, after Silvio Berlusconi was forced to resign in the face of mounting debt crisis. Monti, who will also serve as finance minister, spent two days collecting political support and won the backing of Berlusconi’s political party and Italy’s largest let-wing party. Italy faces one of the highest national debts in Europe at 1.9 trillion euros. The temporary government, with Monti at its helm, will likely last until scheduled elections in 2013, though parliament could dissolve it at any time over “lack of trust.”
Berlusconi marks the second European leader this month to step down, following last week’s resignation of Greece’s George Papandreou. Berlusconi has said he plans to remain active in his People of Freedom party, which remains the strongest force in parliament.
