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    November 16, 2011

EU Leaders Call for Continent's Economic Consolidation

   VOA News
   European Commission President Jose Manuel Barroso (r) and European
   Council President Herman Van Rompuy (l) during a news conference on the
   second day of the G20 Summit in Cannes, France, November 4, 2
   Photo: Reuters
   European Commission President Jose Manuel Barroso (r) and European
   Council President Herman Van Rompuy (l) during a news conference on the
   second day of the G20 Summit in Cannes, France, November 4, 2011.

   Key European Union officials say the continent needs to oversee the
   spending of individual countries to ensure the survival of the euro
   currency and resolve the burgeoning debt crisis.
   Both European Commission President Jose Manuel Barroso and EU President
   Herman Van Rompuy called Wednesday for further integration of Europe's
   economic affairs.

   Barroso told the European Parliament in Strasbourg that the continent
   is "now facing a truly systemic crisis." He said that without increased
   continent-wide meshing of economic interests and oversight, "we will
   not be able to sustain the common currency."
   Related video report by Al Pessin:

   In Italy Wednesday, economist Mario Monti was sworn in as prime
   minister. He unveiled a Cabinet of technocrats to try to impose
   austerity measures in an effort to trim his government's $2.6 trillion
   debt and calm international financial markets.
   Mr. Monti named himself finance minister and did not include any of the
   country's fractious politicians in the Cabinet. The former European
   Union commissioner said the exclusion of politicians in his government
   will actually help it.
   "I reached the conclusion during the consultations that the absence of
   political personalities in the government will help rather than hinder
   a solid base of support for the government in parliament and in the
   political parties because it will remove one ground for disagreement,"
   said Monti.
   The new caretaker government in debt-ridden Greece easily won a
   confidence vote Wednesday. The parliamentary vote supports efforts by
   Prime Minister Lucas Papademos to impose unpopular spending cuts and
   tax increases, austerity measures demanded by the country's
   international creditors in exchange for more outside funding for the
   government.
   Tensions surfaced early Wednesday when the country's electricity
   workers' union briefly cut off power to the health ministry building in
   Athens. Union officials said the shutdown was part of their protest of
   a tax on property owners - a tax the government is trying to collect
   through household electricity bills.
   Mr. Papademos is specifically tasked with getting parliament to approve
   a new bailout deal with the European Union. Greek officials warn the
   country faces bankruptcy without the new funding, an $11 billion
   installment of last year's bailout.
   In Italy, Mr. Monti said he is absolutely convinced that the country
   can make the sacrifices needed to overcome its debt crisis. The prime
   minister-designate also assured Italians he has the backing of
   political, business and union leaders. Nonetheless, a headline in Il
   Giornale, a newspaper owned by outgoing Prime Minister Silvio
   Berlusconi said, "He Can't Last Long."
   Italy is the eurozone's third-largest economy. Fears that Italy might
   default on its debt or be forced to ask for a bailout have shaken
   financial markets around the globe.

   Some information for this report was provided by AP, Bloomberg and
   Reuters.