November 11, 2011
With Europe under mounting pressure to act quickly to tackle its debt crisis, the leaders of Italy and Greece moved forcefully on Friday to reinvigorate their governments and show their sincerity about economic austerity. Financial markets rallied on the news.
The Italian Senate approved a package of austerity measures, a first step toward easing Prime Minister Silvio Berlusconi from office, while in Athens, the leaders of a new three-party coalition completed details of a national unity government. To speed the process in the Italian Senate, opposition lawmakers refrained from voting, allowing the legislation to pass by a margin of 156 to 12.
The uncommon burst of activity will enable Italy’s lower house to complete parliamentary approval of the package on Saturday. Mr. Berlusconi promised this week to resign once the measures were approved, permitting a new leader to be appointed as the head of a technocratic government. He is expected to step down Saturday or Sunday.
Mario Monti, a former European commissioner, has been widely mentioned as the front-runner to replace Mr. Berlusconi, and he could take over as early as Monday.
In Greece, after similar maneuvers to replace elected leaders with respected, veteran officials known for their expertise rather than their political skills, Lucas Papademos, the prime minister chosen by the three-party coalition, unveiled his cabinet choices, who were sworn in by midafternoon. Finance Minister Evangelos Venizelos — the public face of the country’s austerity effort — will remain in his post, as will other important ministers of the departing government of George A. Papandreou, the former prime minister. Mr. Papademos also brought in several members of opposition parties.
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