Italian Prime Minister Mario Monti Resignes

  • The former EU commissioner and Prime Minister of Italy, Mario Monti, resigned on Friday to make way for new elections. Monti had taken up the leadership of the country following the departure of Silvio Berlusconi, the scandal-plagued leader of the country for many years.  Monti is credited with a very successful administration at a time when the country had edged to the very brink of an economic calamity. Mario had put together a cabinet of stellar academicians and economists and had garnered much public support. It is widely believed that the resignation comes in the wake of Berlusconi's announcement this early month that he was withdrawing his support for Monti's proposed budget reforms.  Berlusconi plans to return to Italian politics despite his ignominious exit. It is likely that elections in Italy will be held in February or March 2013.

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