Italy President holds meetings for new leader

President of Italy Giorgio Napolitano is to hold a series of meetings with senior politicians in an attempt to agree on a new caretaker government following Prime Minister Silvio Berlusconi’s resignation yesterday.

Responsibilities of the new prime minister will include the implementation of austerity measures to tackle Italy’s debt crisis which has prompted alarm across the Eurozone with borrowing costs reaching record levels.

The president’s spokesperson Donato Marra said the current government was invited to remain until current business has been completed.

Ex-EU commissioner Mario Monti is currently in the lead to take Berlusconi’s place, but may face resistance.

A new government is hoped to be named before the world’s financial markets are reopened on Monday.

After 17 years in power, Berlusconi was the longest-serving post-war prime minister but when driving away from the presidential palace after tendering his resignation, hostile crowds hurled insults at his convoy.