Economist Monti Gets Nod To Form Next Italian Government

Italy's presidential palace says economist Mario Monti has agreed to try to form a new government as the nation tries to avoid financial disaster.

Palace officials announced Sunday night that the former European Union competition commissioner received the formal mandate from President Giorgio Napolitano. Monti must now draw up a Cabinet, lay out his priorities and see if he has enough support in Parliament to govern effectively.

Hours earlier, Silvio Berlusconi's party gave its crucial appproval for Monti to assemble a government, but insisted that it last only long enough to implement urgently need economic reforms. Berlusconi resigned reluctantly on Saturday, bowing to market pressures.