Monti says 'convinced' Italy will overcome debt crisis

Italy's Mario Monti said on Tuesday he was ‘absolutely convinced’ the country will overcome an unprecedented debt crisis, adding that he would unveil his new government ‘within hours’.

"I am absolutely convinced in the ability of our country to overcome such a difficult period," Monti told reporters after concluding a two-day round of talks with political, business and trade union leaders.

The 68-year-old economist called for ‘economic, social and civil growth that is stable and long-lasting’ and said powerful trade union leaders had offered to make ‘possible partial sacrifices’ for the greater good.

"Everyone I met with had a full and mature awareness of the current emergency," he said, adding: "I can assure you that within hours I will finalise various aspects of a picture that is already clearly outlined."

Monti is expected to formally meet with President Giorgio Napolitano on Wednesday and accept the nomination to replace Silvio Berlusconi as prime minister, with a swearing-in ceremony set to follow after that.