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A tale of two technocrats: paths diverge for Greece and Italy
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Reuters India:
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Greek Prime Minister Lucas Papademos and Italy's Mario Monti were appointed within days of each other last November to replace politicians who took their countries to the brink of financial collapse.
Both sober former economics professors who have helped cement "technocrat" into the lexicon of Europe's debt crisis, they were rushed in to head emergency governments as fears grew that the entire euro project was heading for a train wreck.
Since then, their paths have diverged dramatically.
Monti, a powerful European Commissioner for 10 years from 1995, is the toast of Europe. His tough reforms to Italy's stalled economy have been accepted with little serious public or political resistance and markets have reacted positively.
Helped by cheap funds from the European Central Bank, borrowing costs have come down steadily. Yields on Italy's 10-year bonds are now around 5.5 percent, compared with almost 8 percent at the height of the crisis late last year.
That is still high but no longer at the levels which pitched Greece into seeking an international bailout in 2010. The pressure on Rome has palpably diminished.
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