Monti under pressure to restore finances
FORMER European Union Competition Commissioner Mario Monti is in a race against time to restore Italy's finances as the markets continue to pile the pressure on the heavily indebted-country.
While Italy managed to raise fresh funds yesterday the cost was double what it was just a few weeks ago. Ireland's borrowing costs also jumped again as stock markets dropped by almost 1pc across the world.
While Mr Monti has been described in some quarters as a saviour, the markets yesterday appeared to question Italy's high debt levels again, even with Mr Monti in place.
The interest rate Italy has to pay for its borrowings remained over 6pc yesterday amid lingering concerns about how the country will manage the implementation of an austerity programme. (Additional reporting by Bloomberg)