Abstract
Having inherited high and increasing interest rates on public debt from its predecessor, the Monti government had to bring these yields down to sustainable levels and to push through the reforms that the Berlusconi government had abandoned. This article discusses the strategies that the Monti government employed to achieve these goals. It also analyzes the government?s international actions and finds that its international credibility was a subtle but significant asset. Although it did not necessarily acquire greater flexibility in its dealings with Italy?s international partners, the Monti government engaged in negotiations with the German government and the European Central Bank in an effort to help to defuse the Italian (and European) government debt crisis.
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