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Enrico Letta named Italian PM

FXstreet.com (Barcelona) - Italian President Giorgio Napolitano, who was reelected to the post last weekend, has given the mandate to form a government to center-left deputy leader Enrico Letta on Wednesday.

After accepting the nomination the new Italian Prime Minister said that he would form "a government of service to the country." He stressed that politics in Italy should regain credibility in order to make head against the crisis.

He said that the situation in Italy was very difficult at the moment and that the most urgent issues which should be addressed were unemployment, poverty and problems faced by small businesses. He suggested that the Eurozone should not press so much for austerity and rather focus on boosting growth in the area.

46 year old Enrico Letta is the second youngest Prime Minister in the history of Italian politics. He is the nephew of Gianni Letta, Silvio Berlusconi's close ally and despite his young age he has extensive government experience (he held various ministerial positions in the Italian government and served as a Member of the European Parliament for the North-East region)

The cabinet formed by Letta will receive support mainly from Berlusconi's People of Freedom (PDL) party, Letta's Democratic Party (PD) and Mario Monti's centrist Civic Choice.

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