Baluarte
04-27-2013, 10:15 PM
A new Italian government will be sworn in later today, bringing an end to two months of political uncertainty that has unnerved financial markets.
No single party gained a majority in February's general election and since then the government has spent weeks engaging in futile talks and inconclusive votes.
On Wednesday, president Giorgio Napolitano called upon Enrico Letta of the centre-left Democratic Party to try his hand at forming a coalition government.
Late on Saturday (local time), Mr Letta announced he had been successful.
"[We're satisfied] in terms of the team that we've succeeded in putting together, for the willingness that we've encountered, for the talent that has put itself at the service of the country," he said.
"[There's] satisfaction [also] in terms of the female representation that this government today will be able to show."
The new coalition will bring Mr Letta's party together with their centre-right arch rivals, the People of Freedom Party, which counts former prime minister Silvio Berlusconi as a prominent member.
The scandal-plagued ex-leader will not be in the ministry, but his close ally Angelino Alfano will serve as deputy prime minister and interior minister.
Mr Letta, 46, is promising to focus on improving the economy and unemployment rates, and restoring faith in Italy's discredited political institutions.
He says he will also try to turn Europe away from austerity to focus more on growth and investment.
President Napolitano says this is the only possible government that could be formed.
He urged the coalition to get to work quickly to tackle the country's economic problems.
"I hope that this government can get to work quickly in the spirit of fervent cooperation and without any prejudice or conflict," he said.
The cabinet will be sworn in later this evening (AEST), before a parliamentary vote of confidence expected on Monday.
The major ministries are dominated by lower profile politicians or technocrats, which could limit their power to pass unpopular measures and leave a powerful backstage role for Mr Berlusconi.
Italy is the eurozone's third-largest economy and the deadlock has been threatening investor confidence and halting efforts to end the nation's recession.
Bond yields have fallen to their lowest in more than two years as investors hope for enough stability to help Italy revive its economy and gradually tackle its large public debt.
No single party gained a majority in February's general election and since then the government has spent weeks engaging in futile talks and inconclusive votes.
On Wednesday, president Giorgio Napolitano called upon Enrico Letta of the centre-left Democratic Party to try his hand at forming a coalition government.
Late on Saturday (local time), Mr Letta announced he had been successful.
"[We're satisfied] in terms of the team that we've succeeded in putting together, for the willingness that we've encountered, for the talent that has put itself at the service of the country," he said.
"[There's] satisfaction [also] in terms of the female representation that this government today will be able to show."
The new coalition will bring Mr Letta's party together with their centre-right arch rivals, the People of Freedom Party, which counts former prime minister Silvio Berlusconi as a prominent member.
The scandal-plagued ex-leader will not be in the ministry, but his close ally Angelino Alfano will serve as deputy prime minister and interior minister.
Mr Letta, 46, is promising to focus on improving the economy and unemployment rates, and restoring faith in Italy's discredited political institutions.
He says he will also try to turn Europe away from austerity to focus more on growth and investment.
President Napolitano says this is the only possible government that could be formed.
He urged the coalition to get to work quickly to tackle the country's economic problems.
"I hope that this government can get to work quickly in the spirit of fervent cooperation and without any prejudice or conflict," he said.
The cabinet will be sworn in later this evening (AEST), before a parliamentary vote of confidence expected on Monday.
The major ministries are dominated by lower profile politicians or technocrats, which could limit their power to pass unpopular measures and leave a powerful backstage role for Mr Berlusconi.
Italy is the eurozone's third-largest economy and the deadlock has been threatening investor confidence and halting efforts to end the nation's recession.
Bond yields have fallen to their lowest in more than two years as investors hope for enough stability to help Italy revive its economy and gradually tackle its large public debt.