Mario Monti, the fresh Italian Premier and the former European Commissioner, formed a new Italian technocratic government, in attempts to save the nation from the deepening debt crisis in Europe.

According to officials, the new government will be sworn in at 16:00 GMT in the presidential palace in Rome. The new technocratic government has immediate objectives; however, blocking the debt crisis from spreading into the Italian economy is considered the main task for them, especially after the debt crisis effects are seen in terms of market instability and volatility and led yields on Italian bonds to climb to new high records. The government announcement had no immediate effect on yields.

The new government is expected to pass through the upper and the lower house easily, as promised by several political parties.

Mario Monti after the announcement said that his government will last until the next elections set in 2013, negating market expectations that he has a mission to do and once it is done politicians will take over control again.