| | |
Italian Prime Minister Mario Monti resigned with his political plans still in doubt, paving the way for early elections next year in a lynchpin eurozone state still mired in recession.
Monti "handed in the resignation of his government" at a meeting with President Giorgio Napolitano, and will stay on in a caretaker capacity, the presidency said in a statement. Napolitano will hold consultations tomorrow with parliamentary leaders before dissolving the two chambers and calling a general election which most observers expected on February 24.
The 69-year-old has won praise at home and abroad for rescuing Italy from the brink of bankruptcy, launching long-delayed pension and labour market reforms and joining other eurozone leaders in battling the debt crisis. Monti announced he would step down earlier this month after his flamboyant predecessor Silvio Berlusconi withdrew his party's support for Monti's government in parliament and announced he would run for a fourth term as prime minister.
ADS BY GOOGLE
video of the day
Like Bank Nifty; mkt has strong support at 7700: PhillipCap