After yields on Italian government bonds soared above 7% on Wednesday, President Giorgio Napolitano unexpectedly announced that he had named Mr. Monti, a former European commissioner, as senator for life. By bestowing an honor reserved for just a handful of other Italians in the upper house of Parliament, Mr. Napolitano made it easier for Mr. Monti to take up a government post, even though he isn't an elected official...Emphasis mine.
The moves were aimed at reversing what seems like an unstoppable decline of faith in Italy. On Wednesday, investors sent Italian shares into a tailspin and drove up yields on government bonds maturing as soon as 2013 to levels unseen since 1997...
That Mr. Napolitano, a former member of the Italian Communist Party, has sponsored a free-market economist shows how serious the head of state was in seeking the fastest way to take market pressure off his country.
Huh. I'll bet that two years ago, Mr. Napolitano was telling everyone who would listen that Mr. Monti was a greedy, plutocrat, racist homophobe. Now that the progressives have turned Italy into a economic basket case, it's time to bring the greedmongers back to save the day.