Italy's president set the country on a path back to fresh elections on Monday, appointing a former International Monetary Fund official as interim prime minister with the task of planning for snap polls and to pass the next budget. The decision to appoint Carlo Cottarelli to form a stopgap administration sets the stage for elections that are likely to be fought over Italy's role in the European Union and the euro zone, a prospect that is rattling global financial markets.
The International Monetary Fund’s assessment that Brazil’s fiscal situation is worsening and putting at risk the government’s targets is “totally wrong” and “stupid,” Finance Minister Guido Mantega said.