Italy is going from from panache to pedestrian as it hopes to rescue itself from economic oblivion. Respected liberal economist Mario Monti has been given the job of saving Italy's economy. He has replaced his polar opposite Silvio Berlusconi after the prime minister was forced to resign. Monti is described as sober-minded and dull. Burlesconi is known to be charismatic, funny and even bullish.
Monti is the former European Commisioner and has been dubbed Super Mario for his work in international finance. Italian president Giorgio Napolitano asked Monti to form an emergency government on Sunday night. Napolitano wanted a new leader in place by the time markets opened this morning.
Italy is the eurozone’s third biggest economy. Italian bond yields are now at the same level that Greece, Ireland and Portugals were before bailouts were triggered.