New Italy PM administered oath of office

ROME: Italy's Mario Monti was formally installed as the new prime minister on Wednesday at the head of a technocratic cabinet in a swearing-in ceremony in front of President Giorgio Napolitano.

The cabinet's 16 ministerial posts have gone to experts in economics, justice and law, as well as high-flyers in diplomacy and the military -- all of whom will have to work fast to stave off Italy's impending debt crisis.

The 68-year-old Monti -- a widely respected economics professor and former European Union commissioner who has been dean of the prestigious Bocconi University in Milan -- also gave himself the post of finance minister.

Corrado Passera, chief executive of Italy's biggest retail bank Intesa Sanpaolo, was entrusted to lead up a new super ministry combining economic development with transport and infrastructure.

Italy's previous prime minister Silvio Berlusconi was forced to resign on Saturday after a parliamentary revolt and a wave of market panic. (AFP