Economy, Italy Debt | featured news

Economist Mario Monti formed a new Italian government without a single politician Wednesday, drawing from the ranks of bankers, diplomats and business executives to make sure Italy escapes looming financial disaster....

Italy's premier-designate Mario Monti began talks Monday to create a new government tasked with overhauling an ailing economy.

Italy's Senate approved economic reforms intended to reverse a collapse of market confidence on Friday, kicking off a rapid transition that will end the era of Silvio Berlusconi and clear the way for an emergency government within days.

The Italian austerity budget worth nearly 48 billion euros was approved by the upper house of parliament on Thursday, overcoming its first parliamentary hurdle.

European Council President Herman Van Rompuy has called an emergency meeting of top officials dealing with the euro zone debt crisis for Monday morning, reelecting concern that the crisis could spread to Italy, the region's third largest economy.