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Declaration by the President of the Italian Republic, Giorgio Napolitano

Date:

11/10/2011


Declaration by the President of the Italian Republic, Giorgio Napolitano

The financial markets' pressure on the Italian Treasury bonds increased today to alarming levels. To eliminate any misconstruction or ambiguity I wish to state the following, in my capacity as Head of the State:

1) there is no uncertainty of any sort on the decision taken by Prime Minister Silvio Berlusconi to resign. That decision will take effect as soon the "stability law" for the year 2012 is approved by the Parliament;

2) the above mentioned law shall be approved within few days, as already agreed by the Chairmen of the Senate and the House with the Parliamentary majority and opposition groups;

3) the Constitution-mandated consultations will then immediately be held by the President of the Republic with utmost celerity in order to quickly solve the government situation subsequent Prime Minister Berlusconi's resignation;

4) therefore, in a very short time either a new Government will be appointed, on the basis of the Parliament's confidence vote, to tackle all necessary measures, or the Parliament itself will be dissolved, to hold new elections in the shortest time.

The fear that Italy might face a prolonged period of governmental and parliamentary paralysis has no basis. In any event, emergency measures can be adopted at any time, as necessary."


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