Italian president under pressure to appoint Monti prime minister by day's end

Former European Union competition commissioner Mario Monti is tipped to become Italy’s next prime minister after the resignation of Silvio Berlusconi. “I’m deeply embittered,” commented the outgoing premier as thousands cheered and danced in the street to celebrate his departure.

Los italianos salieron a las calles para celebrar la renuncia de Silvio Berlusconi. © Reuters

After being in power for 10 of the last 17 years, Berlusconi’s departure was inglorious, with only a few broken-hearted supporters chanting “Silvio! Silvio!” while thousands cheered, honked car horns and uncorked prosecco.

Now President Giorgio Napolitano is under pressure to form a coalition government before markets open on Monday morning.

He is spending Sunday meeting representatives of all political parties and is expected to nominate Monti at 1700 GMT.

European Central Bank chief Mario Draghi, a former Bank of Italy governor who took the eurojob last month, met Monti in Rome on Saturday in what was interpreted as a public endorsement from eurozone leaders.

And French President Nicolas Sarkozy has ruffled Italian feathers by reportedly pressing Napolitano to appoint him quickly.

Monti, who faced up to US companies Microsoft and General Electric while at the EU, has no experience of political office.

But he has support of most parties and Berlusconi’s People of Freedom has party has promised to back him.

Some on the left are suspicious of his links to the Bilderberg Group, a shadowy association of the rich and powerful that flourished during the Cold War.

The new prime minister and his government will be charged with enforcing an austerity package passed by parliament Saturday and expected to bring in new measures to cut the country's 1.9-trillion-euro debt.

Silvio Berlusconi - the business of politics:

• 1936 - Born in Milan, Italy, first of three children;
• 1978 - Founds his first media group, Fininvest, which helps make him one of the richest men in the world with a personal fortune estimated at 5.7 billion euros;
• 1993 – Founds his Forza Italia party (Go Italy party) and enters politics;
• 1994 – Elected prime minister, forming coalition with right-wing National Alliance and Northern League;
• 1996 – Loses election to centre-left candidate Romano Prodi;
• 2001 – Re-elected in coalition with former partners;
• 2006 – Loses election to Romano Prodi again;
• 2008 – Back in office, on his way to becoming the longest-serving post-war Italian prime minister;
• 2011 – Steps down as prime minister.