The Italian parliament meets today to begin the election of a new president. The vote will be closely watched as the new head of state will take the lead in trying to end Italy’s political gridlock after inconclusive elections on Feb. 24-25. Here are some details on how it works.
Mario Monti, a former European Union competition chief, once told companies like Microsoft Corp. what to do. As Italy’s next premier, he would face a tougher task getting Italians to overhaul the region’s third-biggest economy.
Pier Carlo Padoan, chief economist at the Organization for Economic Cooperation and Development, was selected to be Italy’s finance minister as Prime Minister- designate Matteo Renzi named his government team.
Italian Prime Minister Silvio Berlusconi faces calls for his resignation amid a sex-related scandal, driving up bond yields a month after he quelled a revolt that threatened to bring down his government.
Mario Monti, Italy’s premier-in- waiting, faced political resistance on forming a Cabinet as his market honeymoon turned sour, with Italian yields surging amid concern he’ll struggle to tame Europe’s sovereign-debt crisis.