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Mercantile Exchange Blog
 
Nov 14 2011
Exit Berlusconi: Enter Mario Monti

After a richly-deserved break for yours truly and 11.11.11 very much at the back of our minds, we welcome the new week with renewed vigor and enthusiasm. The weekend saw among others, Preoteas closing the most bizarre of test matches against the Aussies with a thumping victory and the lack of English Premier League football matches which cancelled out any excitement for fans and friends alike. But the weekend certainly belonged to Silvio Berlusconi, Italy’s premier who was ousted from the position of Prime Minister in humiliating fashion rarely witnessed in recent memory. Adios Berlusconi!

Mr. Berlusconi slipped out of a side door from the president’s place to dodge a mob fury brewing outside which spoke volumes about his popularity in this troubled nation. The media propagated the end of his political tenure to cries of “buffoon” (not to be mistaken with the famous Italian goalkeeper, Gianluigi Buffon) and ‘face trial’. The crowd which had gathered outside the old residence of the popes on the Quirinal hill was good-humored as well bursting out a rendition of the Hallelujah chorus from Handel’s ‘Messiah’ even before Berlusconi had made an appearance. But when he did make an appearance, Berlusconi faced the brunt of the anger with shouts of resignation. The anger turned into a unified roar of delight when news disseminated of him finally stepping down after a meeting with the Italian President, Giorgio Napolitano.

Mr. Berlusconi may have not been surprised with the turn of events. According to a poll conducted on November 4th and 5th for Sky Italia television, 71% of Italians favored his early resignation. His personal approval rating in a poll at the end of last month for a daily newspaper was just 22%. He was seen by many Italians as the man who partied and exposed Italy to international ridicule while the nation slipped towards economical pressures.

Mario Monti, was sworn in as the new prime minister of Italy 24 hours after Berlusconi’s exit. Mr. Monti, the former European Commissioner, who was widely believed to fill the empty seat, is eager to win back confidence from the financial markets and Italians alike. Only time will tell of his ability as the new PM. There is no time for him to bask in his new-found glory as he is already in the process of forming a new technocratic government that will try to navigate Italy out of the debt crisis with austerity measures sought by the EU. We welcome Mario Monti to the hot seat and wish for his prosperous tenure.

Posted by Mex R&D at 14/11/2011 11:15:37 AM
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