Tuesday, December 6, 2011

Something's fishy _ Marlins become big players

FILE - In this Feb. 23, 2011 file photo, Heath Bell of the San Diego Padres baseball team is shown. A person familiar with the negotiations tells The Associated Press that All-Star closer Bell has agreed to a $27 million, three-year contract with the Miami Marlins _ their first free-agent deal since beginning courtships last month with several top players. The person spoke Friday, Dec. 2, 2011 on condition of anonymity because the agreement had not yet been announced. (AP Photo/Morry Gash, File)

FILE - In this Feb. 23, 2011 file photo, Heath Bell of the San Diego Padres baseball team is shown. A person familiar with the negotiations tells The Associated Press that All-Star closer Bell has agreed to a $27 million, three-year contract with the Miami Marlins _ their first free-agent deal since beginning courtships last month with several top players. The person spoke Friday, Dec. 2, 2011 on condition of anonymity because the agreement had not yet been announced. (AP Photo/Morry Gash, File)

FILE - In this Sept. 29, 2010, file photo, New York Mets shortstop Jose Reyes reacts after hitting a double during the first game of a baseball doubleheader against the Milwaukee Brewers at Citi Field in New York. A person familiar with the negotiations tells The Associated Press that Reyes and the Miami Marlins have agreed to a $106 million, six-year contract. The deal includes a club option for a seventh season that, if exercised, would make it worth $120 million. The person spoke Sunday Dec. 4, 2011 on condition of anonymity because the deal had not yet been announced. (AP Photo/Kathy Willens, File)

FILE - This Sept. 7, 2011 file photo shows construction underway at the Miami Marlins' new downtown stadium in Miami. The Securities and Exchange Commission is investigating the financing of the stadium. (AP Photo/Wilfredo Lee, File)

DALLAS (AP) ? Jeffrey Loria watched the news conference from the second row, beaming like a proud parent as Heath Bell talked about his new love for the Miami Marlins and reuniting with Jose Reyes.

Trying to make a quick getaway, the owner was surrounded by reporters in the corridor who wanted to know who else would be migrating to South Florida: Albert Pujols, C.J. Wilson, Mark Buehrle?

Instead of trading away their stars, the Marlins have become the biggest player in the offseason market, the riches from their new ballpark a free-agent attraction.

"I want our team to be important," Loria said Monday as the winter meetings opened. "It's an energy city, and I think that's one of the things that brings the players there. They see the energy."

Bell's $27 million, three-year contract was finalized, giving the renamed Marlins an All-Star closer. Reyes' $106 million, six-year deal is a satisfactory physical from conclusion.

Pujols, who already has toured the new ballpark, would join Hanley Ramirez, Mike Stanton and Logan Morrison in the batting order ? if the three-time NL MVP is willing to leave the St. Louis Cardinals, the only major league team he's played for.

"One big hitter?" Loria said out loud, his 2003 World Series ring flashing from his hand. "Well, I don't know about that, but there's a possibility of another player or two we're looking at."

Morrison, among others, was wondering.

"Just out of surgery. Everything went well," he wrote on Twitter after a minor knee operation, adding: "Have we signed Pujols yet??"

On the mound, Wilson or Buehrle could be added to a rotation that includes Josh Johnson (if healthy), Ricky Nolasco, Anibal Sanchez and Chris Volstad. While the Marlins are being aggressive, traditional big spenders such as the New York Yankees and Boston Red Sox are moving cautiously, both with free agents and in the trade market.

"It's hey, take my older, expensive, over-the-hill guy for your young, better-performing guy," Yankees general manager Brian Cashman said. "Let me think about that and get back to you, buddy."

Not that he's acting any differently with opening day four months away.

"I'm sure my ideas are as distasteful as the ones that I've received," he said.

As the four-day swap session began, the first piece of formal business was the annual meeting of the Hall of Fame Veterans Committee, which elected late Chicago Cubs third baseman Ron Santo. He'll be inducted in Cooperstown on July 22, along with any players elected by members of the Baseball Writers' Association of America on Jan. 9.

Pujols and Prince Fielder are the big bats on the market, and it remains unclear whether Pujols is willing to leave the World Series champions, where he's joined Stan Musial as a franchise icon.

"I always use the word hopeful," Cardinals chairman Bill DeWitt Jr. said. "I think it's presumptive to say that I'm optimistic because we obviously have continuing discussions and have a good dialogue going."

No longer watching players like Josh Beckett and Miguel Cabrera getting hooked by other teams, the Marlins now have the bait to attract baseball's best. They drew a major league-low 1.52 million fans to Sun Life Stadium, also home to the NFL's Miami Dolphins, last season. But Loria expects his team will draw 2.5 million to 3 million at the new ballpark.

"When you have a ballpark that seats 78,000, there's no great demand ? and in the middle of nowhere in a football-configured stadium," he said. "But with a ballpark half the size of that and a baseball-only ballpark, you create a different kind of experience and we've seen it in our sales already."

The rest of baseball has taken notice of a team that hopes to overtake Philadelphia and Atlanta in the NL East.

"Good for the Marlins. I'm happy for them, and it's something, of course, I'd like to see happen for us. But in the meantime, you can't cry about it," said Tampa Bay manager Joe Maddon, whose team along with Oakland are the last two trying to get new ballparks.

Calling Reyes an "exciting young man" and Wilson a "very intelligent and very interesting guy," Loria said he thinks the Marlins can become a consistent winner in their retractable-roof ballpark, not far from downtown Miami.

"With the roster that we have and the things we hope we can do, the outlook is very good," he said. "I'm not going to make any predictions. But we certainly want to be in position to compete seriously."

While the Marlins are poaching, other teams want to retain their stars. Texas may want Wilson back after he helped it come within one strike of the team's first World Series title.

"We basically felt they were going to test the market and we'd circle back to each other," general manager Jon Daniels said.

The Mets, plunging to losing records in all three seasons at Citi Field and plagued by losses from the Bernard Madoff Ponzi scheme, are cutting payroll from the $140 million range in 2008 and 2009 to about $100 million next year. General manager Sandy Alderson said the team lost $70 million but wouldn't say whether it was all this year.

"When I took the job, my understanding was the payroll was not at a sustainable level, that it would have to come down somewhat," he said. "Perhaps it's had to come down a little more than I would have expected."

Reyes returns to Citi Field when the Marlins visit April 24. He'll be in their new uniforms with garish colors.

"Well, I was a little surprised they had that much money to burn," Mets manager Terry Collins said.

Elsewhere, the Los Angeles Dodgers agreed to a $6 million, two-year contract with utilityman Jerry Hairston Jr. and neared an agreement with pitcher Aaron Harang.

Minnesota agreed to a $4.75 million, one-year deal to keep closer Matt Capps, a person familiar with that deal said on condition of anonymity because it had not yet been announced.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2011-12-05-Winter%20Meetings/id-b8c6b415f0464600ba2f0e0a7f5c3db0

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Eddie Long taking time off from US megachurch

FILE - In this Sunday, Sept. 26, 2010 file photo, Bishop Eddie Long speaks at New Birth Missionary Baptist Church in Lithonia, Ga. Megachurch leader Long has announced he's taking time off to focus on his family after his wife filed for divorce. Long's spokesman, Art Franklin, said that the New Birth Missionary Baptist Church leader told his congregation Sunday, Dec. 4, 2011, that he will continue to serve as senior pastor at the church in Lithonia, an Atlanta suburb. But Long said he needs a sabbatical. (AP Photo/John Amis, Pool, File)

FILE - In this Sunday, Sept. 26, 2010 file photo, Bishop Eddie Long speaks at New Birth Missionary Baptist Church in Lithonia, Ga. Megachurch leader Long has announced he's taking time off to focus on his family after his wife filed for divorce. Long's spokesman, Art Franklin, said that the New Birth Missionary Baptist Church leader told his congregation Sunday, Dec. 4, 2011, that he will continue to serve as senior pastor at the church in Lithonia, an Atlanta suburb. But Long said he needs a sabbatical. (AP Photo/John Amis, Pool, File)

LITHONIA, Georgia (AP) ? Megachurch leader Bishop Eddie Long announced Sunday he's taking time off to focus on his family after his wife filed for divorce.

Long's spokesman, Art Franklin, said the New Birth Missionary Baptist Church leader told his congregation during church services that he will continue to serve as senior pastor at the church in Lithonia just outside Atlanta. But Long said he needs a sabbatical.

Franklin declined to say how long the pastor's sabbatical from the church would be. He said Long and his family "are asking for privacy and sensitivity to their family."

The divorce filing comes more than a year after allegations last year that Long used his lavish lifestyle and position of spiritual authority to lure four young men into sexual relationships. Long settled the cases but has never admitted to any wrongdoing. Details of the settlement were not disclosed.

The scandal has tainted Long's reputation as an influential spiritual leader who transformed his suburban Atlanta congregation of 150 into a following of 25,000 members and an international televangelist empire that included athletes, entertainers and politicians.

Long's wife, Vanessa Long, filed a petition for divorce Thursday in DeKalb County Superior Court to end her 21-year marriage to the embattled minister. The church sent out a press release Friday morning saying Vanessa Long planned to withdraw her petition, but her attorney said later in the day that she had changed her mind.

In her petition, Vanessa Long indicated that the marriage is "irretrievably broken" and that there was "no hope of reconciliation of the parties." She asked the court for temporary and permanent alimony, as well as attorneys' fees and an equitable division of marital and non-marital property.

"Vanessa and I are working together in seeking God's will in our current circumstances," Eddie Long said in a written statement.

According to the divorce petition, the couple is "currently living in a bona fide state of separation."

The Longs were married March 10, 1990. The couple has three children together and has another child from Long's previous marriage.

Eddie Long, who has been a vocal opponent of gay marriage, built his empire with charisma and a prosperity Gospel message that told followers God would reward the faithful with wealth. It was an idea he embodied, sporting jewels on stage, living in a mansion and driving a luxury car.

The bishop was well-regarded in Lithonia, just outside Atlanta in DeKalb County, home to one of the most affluent African-American communities in the U.S.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2011-12-04-Georgia%20Megachurch-Pastor/id-6b48aefbf83e42f1b8d66ae57863aa1d

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Monday, December 5, 2011

SAP to pay $3.4B for SuccessFactors (AP)

SAN FRANCISCO ? SAP said Saturday it is paying $3.4 billion to acquire SuccessFactors, a software company specializing in human resources tasks. It is the latest move in the escalating rivalry between SAP and Oracle Corp., and underscores the increased interest in technology companies that deliver software over the Internet, or in the so-called "cloud."

The deal calls for subsidiary SAP America Inc. to pay $40 per share in cash for SuccessFactors. That is a 52 percent premium over SuccessFactors' closing stock price of $26.25 on Friday. The deal is expected to close in the first quarter of 2012.

SAP AG is one of the world's biggest business software makers. The German company's specialty is business applications, such as those used for payroll and managing relationships with customers and suppliers.

SuccessFactors, based in San Mateo, Calif., is a big maker of cloud-based human resources applications. The company focuses on applications for managing relationships with employees, such as organizing and developing performance reviews and bonuses. The company says it has more than 3,500 customers. It lost $12.5 million on $205.9 million in revenue last year.

"The cloud is a core of SAP's future growth, and the combination of SuccessFactors' leadership team and technology with SAP will create a cloud powerhouse," Bill McDermott, an SAP co-CEO, said in a statement.

The deal is part of the growing rivalry between SAP and Oracle. Oracle's push into SAP's turf of business applications has been a multibillion-dollar affair. Oracle's boisterous CEO Larry Ellison has pursued big-ticket acquisitions that have made his database software company a major player, behind SAP, in many different realms of the business software world. SAP is the dominant maker of business applications.

The feud has gotten personal. Oracle won a $1.3 billion jury verdict against SAP last year over the widespread theft by a now-shuttered SAP subsidiary of documents from password-protected Oracle customer websites. Oracle alleged the information was used to steal business. A judge threw out the award, calling it "grossly excessive" and setting the stage for a retrial.

Oracle landed a publicity jackpot from the trial. Ellison used it to repeatedly shame SAP publicly. SAP admitted the theft and agreed to pay $20 million to settle criminal charges filed by the Department of Justice over the former subsidiary's practices.

Source: http://us.rd.yahoo.com/dailynews/rss/tech/*http%3A//news.yahoo.com/s/ap/20111203/ap_on_hi_te/us_tec_sap_successfactors

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LSU locks up BCS title spot; Cowboys make case (AP)

LSU did its part to make sure both the Tigers and Alabama get into the BCS national title game. Then Oklahoma State gave the voters a reason to rethink the rematch.

The top-ranked Tigers locked up a spot in the championship on Jan. 9 in New Orleans with a 42-10 victory against No. 12 Georgia in the Southeastern Conference title game in Atlanta on Saturday.

Oklahoma State followed that with a 44-10 blowout of rival Oklahoma in Stillwater.

"They had their shot," Oklahoma State coach Mike Gundy said of Alabama. "Give us ours."

LSU (13-0) will be first in the BCS standings when they come out on Sunday. And this latest rout by the Tigers fortified Alabama's chances of holding on to the second spot and holding off Oklahoma State, which was third last week.

"I would certainly understand if college football decides it should be two SEC teams playing for the national championship," LSU coach Les Miles said. "It's a very special conference with very special teams."

The Tigers beat the Tide (11-1) 9-6 in overtime at Tuscaloosa, Ala., a month ago. Alabama is the only team in the country to stay within 13 points of LSU this season. Other than the Alabama game, the Tigers' closest game since September was a 24-point victory against Arkansas.

The Cowboys can claim to have more quality wins than the Tide ? Oklahoma State now has five victories against teams in the BCS top 25, Alabama has two ? but their double-overtime loss at Iowa State (6-6) two weeks ago has been a drag on their resume.

"I don't think there's any question Oklahoma State should play in the big game," Gundy said.

He added: "And if we'd have won this game 17-14, I don't know if I'd have said it. ... When you win by 34 points, we deserve the right."

Oklahoma State was fifth in both the Harris and coaches' polls, while Alabama was an overwhelming No. 2 behind LSU. The Cowboys caught another break when Virginia Tech, which was ahead of them in both those polls last week, was beaten 38-10 by Clemson in the Atlantic Coast Conference title game.

If the voters need any help making their decisions, Oklahoma State provided a mass email titled The Case for Oklahoma State in the BCS Title Game, which hit sports writers' inboxes a little after 1 a.m. EST.

There's no doubt Oklahoma State will move up Sunday, but will it be enough to catch Alabama?

Clemson's surprisingly easy victory in the ACC title game send the Tigers to the Orange Bowl with their first conference title in 20 years.

Oregon locked up its spot in the Rose Bowl by winning the Pac-12 title game Friday night.

The Ducks will face Wisconsin, which beat Michigan State 42-39 in a memorable first Big Ten championship game. The Badgers will be making their second straight trip to the Rose Bowl. The Ducks are in it for the second time in three seasons, with a national championship game trip in between.

Championship Saturday started with an upset.

Case Keenum and No. 7 Houston were pounded 49-28 by Southern Mississippi in the Conference USA championship game, a loss that will cost the Cougars a spot in the BCS and the millions of dollars that goes with it.

The high-scoring Cougars needed to complete their perfect regular season and win the league to become this year's BCS buster, and the first team from C-USA to reach the BCS.

A BCS bid would have netted the league about $7 million dollars.

With Houston out of the picture, it TCU has a shot to go back to the BCS for a third consecutive season.

TCU, which beat lowly UNLV 56-9, would need to move into the top 16 in the final BCS standings on Sunday to earn an automatic bid, because the Big East's conference champion ? West Virginia ? will most likely not jump ahead of the Horned Frogs.

TCU was No. 18 in last week's BCS standings.

The Big East was first to resolve its title race Saturday. When Cincinnati beat Connecticut 35-27, it moved West Virginia into position to earn a BCS bid by winning a three-way tiebreaker between the Mountaineers, Cincinnati and Louisville.

The Mountaineers are likely heading to the Sugar or Orange bowl.

Houston's drop in BCS standings could also affect how the at-large bids shakeout on Saturday.

Stanford seems like a lock for an at-large to the Fiesta Bowl, and speculation was that Michigan would receive an at-large bid to the Sugar. But the idle Wolverines need to move into the top 14 of the final standings. They were 16th coming into the final weekend.

____

AP BCS Projections

BCS championship game ? LSU vs. Alabama

Fiesta Bowl ? Oklahoma State vs. Stanford.

Rose Bowl ? Oregon vs. Wisconsin.

Orange Bowl ? Clemson vs. West Virginia.

Sugar Bowl ? Michigan vs. Kansas State.

____

AP Sports Writers Jeff Latzke in Stillwater, Okla., and Paul Newberry in Atlanta contributed to this report.

Source: http://us.rd.yahoo.com/dailynews/rss/sports/*http%3A//news.yahoo.com/s/ap/20111204/ap_on_sp_co_ne/fbc_t25_bcs_rdp

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Economic woes prompt power shift in Croatia (Reuters)

ZAGREB (Reuters) ? Voters handed the centre-left opposition a strong mandate on Sunday to overhaul the flagging economy before the former Yugoslav republic joins the European Union in 2013, throwing out Croatia's ruling conservatives.

The opposition bloc, known as Kukuriku ('cock-a-doodle-doo'), won 76 seats in the Adriatic country's 151-seat parliament, according to official results with 50 percent of votes counted.

The conservative HDZ, which has ruled for 16 of Croatia's 20 years as an independent state, won 47 seats and was roundly punished by voters for a string of corruption scandals and rising unemployment.

"The main thing is they did not manage to humiliate us," HDZ leader and outgoing prime minister Jadranka Kosor said, conceding defeat.

If the results stand, 45-year-old former diplomat Zoran Milanovic of the Social Democrats (SDS) will be able to form a government without seeking coalition partners, but faces a huge challenge in turning around the Croatian economy.

He will need to act fast to trim state spending and avert a potential credit rating downgrade.

"The biggest risk is a credit rating cut," said Zdeslav Santic, an analyst at Splitska Banka.

"In the coming months they have to make sure that the new budget shows a fiscal consolidation and reassures foreign investors. This is simply a must."

Supporters scrambled to greet Milanovic as he arrived at the Kukuriku victory party, but the bloc's leaders showed little euphoria.

"Obviously, they are aware of difficulty of our situation, of the hard work that lies ahead," said political analyst Nenad Zakosek.

HARD WORK AHEAD

Milanovic has told Croats they will have to work "more, harder, longer" to turn the economy around before the country of 4.3 million people becomes the second former Yugoslav republic to join the EU in July 2013.

Croatia broke away from Yugoslavia in a 1991-95 war, and has seen its economy boom over the past decade on the back of foreign borrowing and waves of tourism to its stunning Adriatic coastline.

But growth ground to a halt when the global financial crisis hit in 2009 and Croatia has been the slowest among central and south-east European countries to crawl back out of recession.

Unemployment stood at 17.4 percent in October and thousands of employees work without pay. Lack of liquidity has paralyzed many local businesses and overall foreign debt has surpassed 100 percent of gross domestic product.

"I have a decent pension but I look around me and I see poverty everywhere," 74-year-old pensioner Milan Grgurek said after voting in the capital, Zagreb. "Whoever comes to power ... will have to carry out reforms."

Trust in the governing elite has also been hit hard by a string of graft scandals mainly involving the HDZ.

Investigations have landed former prime minister and HDZ leader Ivo Sanader in court, and spread to other senior party officials accused of running slush funds.

The anti-corruption drive under Kosor helped secure Croatia a date for EU accession in July 2013, but concerns remain over the parlous state of its economy.

Milanovic told Reuters this week that the state budget for 2012 would be in place by the end of March, in time to avert a credit downgrade.

Source: http://us.rd.yahoo.com/dailynews/rss/europe/*http%3A//news.yahoo.com/s/nm/20111204/wl_nm/us_croatia_election

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Sunday, December 4, 2011

Cable companies to resell Verizon Wireless service (AP)

NEW YORK ? Cable companies Comcast Corp., Time Warner Cable Inc. and Bright House Networks are giving up on their dreams of creating their own wireless network, opting instead to resell Verizon Wireless service.

The companies said Friday that they have agreed to sell their wireless licenses ? which they haven't been using ? to Verizon Wireless for $3.6 billion.

The deal "amounts to a partnership between formerly mortal enemies," said analyst Craig Moffett at Sanford Bernstein. The cable companies compete with Verizon Communications Inc., Verizon Wireless' parent company, for phone and cable-TV customers. Now, Verizon Wireless stores will be selling cable service.

Cable companies have long had ambitions to open a second front against AT&T Inc. and Verizon by setting up their own wireless networks. In the meantime, some of them have partnered with Sprint Nextel Corp. and Clearwire Corp. to offer wireless service.

Lately, there had been speculation that the cable companies would try for a deeper beachhead in wireless by investing in ailing No. 3 and 4 carriers Sprint or T-Mobile USA. That talk had gained currency as it's become clear that AT&T's deal to buy T-Mobile USA is firmly opposed by regulators.

The link-up with No. 1 carrier Verizon Wireless and the sale of the spectrum appears to preclude a deal between a cable consortium and one of the weaker players in wireless. Instead, the biggest cellphone company will strengthen its hand, if the spectrum sale is approved by regulators.

"Pity poor T-Mobile. Verizon just ran off with the last pretty girl in the bar," Moffett said.

U.S.-listed shares of Deutsche Telekom AG, the parent of T-Mobile USA, were down 53 cents, or 4.2 percent, at $12.25 in midday trading. Sprint shares were down 3 cents, or 1.1 percent, at $2.67.

"It's really hard for a cable company to expect to compete in a highly competitive wireless market," said Time Warner Cable spokesman Alex Dudley. He pointed to Cox Communications, another cable company, which this year shut down its plans to build out a wireless network.

"We got a good price for the spectrum," Dudley said. "An arrangement like this makes a lot of sense."

The cable companies paid $2.2 billion for the spectrum in 2006, so they're getting a 64 percent gain on a five-year investment. The spectrum covers about 85 percent of the country's population, and would have been sufficient to start up an independent wireless network.

Shares of Philadelphia-based Comcast rose 97 cents, or 4.3 percent, to $23.53. New York-based Time Warner Cable shares rose $1.90, or 3.1 percent, to $62.82. Orlando, Fla.-based Bright House Networks is privately held.

Time Warner Cable currently resells access to Clearwire's wireless data network as "4G" service. Dudley said it could continue to provide service to existing subscribers, but the arrangement with Verizon Wireless is exclusive, so it will stop selling to new subscribers.

Neil Smit, the head of Comcast's cable operations, said its Clearwire service, marketed as "Xfinity 2Go," will be shut down within six months. It has about 30,000 customers.

Clearwire shares were unchanged at $2.03.

Comcast, the country's largest cable company, owned the majority of the spectrum holding company, and will get $2.3 billion from the sale. Time Warner Cable, the second-largest cable company, will get $1.1 billion. Bright House, the sixth-largest, will get $189 million.

Verizon Wireless CEO Dan Mead said the company will combine the spectrum with some of its own unused holdings and launch service using the latest wireless data technology, dubbed LTE for Long-Term Evolution. The acquisition roughly doubles the number of airwaves Verizon Wireless would have available for LTE.

Mead said he expected the deal to close in the middle of next year, but didn't say when the spectrum would be put to use.

Moffett, the analyst, said the Federal Communications Commission would probably rather see the spectrum go to T-Mobile USA. One of the reasons its German parent company wants to sell it to AT&T is that T-Mobile USA doesn't have a lot of room on the airwaves, and can't keep up with Verizon and AT&T when it comes to expanding wireless data capacity.

But Deutsche Telekom is unwilling to plow more money into the U.S., so an outright purchase of the cable-company spectrum has not been in the cards.

The sale to Verizon does solve one problem for the FCC, Moffett said: that the cable spectrum holdings have not been put to use yet.

Under the agreement, the cable companies and Verizon Wireless will market each others' services. Billing will be separate, but the cable companies have the option to start selling Verizon Wireless service under their own brand in four years. Cox had a similar arrangement with Sprint, but gave it up last month, saying it was too small to compete with the big cellphone companies.

Verizon Communications, the New York-based phone company that owns 55 percent of Verizon Wireless, runs its own, competing cable-TV service called FiOS in some areas. In the rest of its local-phone territory, it resells satellite TV service from DirecTV Group Inc. based in El Segundo, Calif.

Source: http://us.rd.yahoo.com/dailynews/rss/tech/*http%3A//news.yahoo.com/s/ap/20111202/ap_on_hi_te/us_verizon_wireless_cable

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Italian PM briefs politicians on austerity plan (AP)

ROME ? Premier Mario Monti briefed political leaders Saturday on his package of austerity and economic growth measures ahead of a critical week of Italian and European decision-making to confront the continent's debt crisis.

Politicians gave few details about the individual measures Monti outlined, but described them as "severe" but necessary since Italy had put off tough economic reforms for too long.

"Let's be clear: Doctors rarely prescribe medicine that tastes good," said Pierferdinando Casini, head of a small but influential Christian Democrat party. "Medicine is always bitter, but sometimes it's necessary to prevent the patient from dying."

Monti is under enormous pressure to reassure markets that he can push the package of reforms through Parliament to heal Italy's broken public finances: Italy's euro1.9 trillion ($2.5 trillion) in debt is 120 percent of its gross domestic product.

Unlike Greece, Portugal and Ireland, which got bailouts after their borrowing rates skyrocketed, the eurozone's third-largest economy is considered to be too big to be bailed out. An Italian default would be disastrous for the 17-member eurozone and reverberate throughout the global economy.

Monti was installed Nov. 26 after markets lost confidence that then-Premier Silvio Berlusconi ? battered by sex scandals, legal problems and defections from his party ? had the political wherewithal to push through the reforms needed to rein in the debt.

Monti hasn't disclosed details of his rescue plan, but he has said it includes both austerity cuts and measures to boost growth in Italy's anemic economy. He has promised it would be socially equitable, and that it would go after those who hadn't paid their share of taxes before.

Politicians, union and business leaders have said the package likely includes reinstating an unpopular home property tax abolished by Berlusconi, raising the sales tax and the income tax at the highest brackets by a few percentage points, and requiring Italians to work two or three years more than the 40 years now needed for eligibility to draw a pension.

The minimum retirement age of women in the private sector is expected to be raised from 60 to 62 or 63 starting next year, building on a Berlusconi government strategy.

Officials of Italy's powerful unions and some center-left parties have voiced concern over pension reforms. Berlusconi's party has opposed restoring the property tax and a rumored wealth tax.

Monti met with Angelino Alfano, secretary of Berlusconi's party, as well as Casini and other members of centrist parties Saturday. Later Saturday he meets with the center-left politicians, and on Sunday he briefs unions, business groups and consumer lobbies.

The consultations come ahead of a critical Cabinet meeting Monday during which the measures are to be approved. Monday afternoon he introduces them to Parliament, where the Senate has pledged to vote on them by Christmas.

At the same time, Monti is gearing up for the critical summit meeting this week of eurozone leaders aimed at saving the euro.

Source: http://us.rd.yahoo.com/dailynews/rss/europe/*http%3A//news.yahoo.com/s/ap/20111203/ap_on_bi_ge/eu_italy_financial_crisis

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