Former European commissioner likely to lead Italy

Former European Commissioner Mario Monti appeared to be the favorite to become Italy’s new prime minister, replacing Silvio Berlusconi, who is set to resign as soon as parliament approves a package of key economic reforms. As in Greece, consensus in Italy is building around the idea of an interim government lead by a technocrat at the helm of an emergency coalition. Monti, currently the president of Milan’s Bocconi university, is "the choice of investors, Italy’s opposition parties and Giorgio Napolitano, head of state," the Financial Times reports. Berlusconi, who had initially insisted the country should head for snap elections, appears to have decided to back Monti, caving in to pressure from his own party and the markets.

Financial TimesReuters