Why Monti's IMF candidacy withdrawn - report

Italy withdrew EU competition commissioner Mario Monti's candidacy for the post of International Monetary Fund managing director in order to gain French and German support over its deficit problems, Italian daily La Repubblica reported.

According to the daily, Italian Finance Minister Giulio Tremonti obtained assurances from Germany and France they would block any move by EU finance ministers to start early warning procedures against Italy over its deficit in return for dropping Monti's candid

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