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Monti: Will work quickly to form new Italian govt
Economist Mario Monti to form next Italian govt, says Italy can heal its troubled finances
By The Associated Press

ROME (AP) ' Italy's new premier-designate economist Mario Monti says he will get to work quickly to try to form a new government, assuring the nation that it can heal its disastrous finances.

Monti told reporters Sunday night he will carry out the task "with a great sense of responsibility and service toward this nation." He added that Italy must "heal its finances" and resume growth because today's leaders owe it to future generations.

The former European Union competition commissioner received the formal mandate from President Giorgio Napolitano. Monti must now draw up a Cabinet, lay out his priorities and see if he has enough support in Parliament to govern effectively.



Premier Silvio Berlusconi resigned reluctantly on Saturday, bowing to market pressures.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

ROME (AP) ' Italy's presidential palace says economist Mario Monti has agreed to try to form a new government as the nation tries to avoid financial disaster.

Palace officials announced Sunday night that the former European Union competition commissioner received the formal mandate from President Giorgio Napolitano. Monti must now draw up a Cabinet, lay out his priorities and see if he has enough support in Parliament to govern effectively.

Hours earlier, Silvio Berlusconi's party gave its crucial appproval for Monti to assemble a government, but insisted that it last only long enough to implement urgently need economic reforms. Berlusconi resigned reluctantly on Saturday, bowing to market pressures.


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