Mario Monti Elected New PM Of Italy

In Italy, Mario Monti has been elected to serve as new PM to tackle an acute debt crisis which prompted the resignation of Silvio Berlusconi.

Mr. Mario Monti, an ex-EU Commissioner, said he was starting urgent talks on his cabinet aiming to restore finances. Most parties, including Mr. Berlusconi's, approved his nomination.

Italy's borrowing costs have spiked, threatening the eurozone. Hailing Mr Mario Monti's appointment, E.U leaders vowed to monitor Italy's austerity measures.

Mr. Mario Monti's candidature was announced after President Giorgio Napolitano spent the day in 17 meetings with senior politicians.

Speaking to reporters shortly afterwards, Mr. Mario Monti said, Italy should be an element of strength and not weakness within the E.U.

Mario Monti said, "We will aim at solving the financial situation, resume the path of growth. We want to build a future of dignity and hope for our children".

Mr. Mario Monti is hinting that he wants to restore Italy's reputation financially to match the size of its economy rather than the down talk about the credibility it has had over recent months.

Mario Monti said, he would respect the country's Parliament and hold urgent consultations with its political forces. He refused to set a time-table for the formation of a new government but consultations would start today.