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WRAPUP 1-New Italian, Greek governments race to limit damage
11-13-11

 

Italy's Yiwu Arts & Crafts Market president asked former European Commissioner Mario Monti on Sunday to form a government to restore market confidence in an economy whose debt burden is too big for the euro bloc to bail out.Investors will pass initial judgment on his leadership yiwu china when Italy's Treasury asks investors on Monday to bid for up to 3 billion euros ($4.1 billion) in five-year government bonds. At an auction last week, the government's borrowing costs surged above 6 percent and kept rising to levels well beyond what the country could afford to pay over the longer term.Outgoing Prime Minister yiwu Silvio Berlusconi made a parting call on Sunday for the European Central Bank to become a lender of last resort to prop up the euro."This has become a crisis for our common currency, the euro, which does not have the support that every currency should have," he said in a video message.But ECB policymakers have made plain they want to keep the onus on governments to bring their debt burdens under control and yiwu wholesale have rebuffed world leaders who want the bank to ramp up its intervention on bond markets to defend and other vulnerable debtors."Monetary Yiwu Jewelry Market financing (of government debt) will set the wrong incentives, neglect the root causes of the problem, violate the legal foundations on which we work, and destroy the credibility and trust in institutions," ECB governing council member Jens Weidmann told the Financial Times, adding he one dollar store was confident "Italy will be able to deliver".PAPADEMOS TO FACE IMF, PROTESTERSWhile Italy's problems and the long-drawn-out departure of the flamboyant Berlusconi have pushed the collapse of the china wholesalers much smaller Greek economy backstage, the IMF and European leaders will keep Greece's new prime minister, Lucas Papademos, under pressure to implement radical reform aimed at staving off bankruptcy.Papademos succeeds George Papandreou, whose proposal to hold a referendum on the country's bailout terms prompted EU leaders to raise the threat of a Greek exit from the currency bloc.The new china shoes Greek leader -- a former central banker who oversaw his country's entry to the euro zone in 2002 -- must win a Wednesday confidence vote in his cabinet before meeting euro zone ministers in Brussels on Thursday, state television reported, where he will be expected to outline next year's draft budget before putting it to parliament.