Paolo Gentiloni, left, leaves the Italian lower Chamber in Rome Sunday, Dec. 11, 2016. (Angelo Carconi/ANSA via AP)
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Italy's premier-designate Paolo Gentiloni raced to put together a cabinet team Monday as the market welcomed the apparent rapid resolution of the country's political and banking crises.Gentiloni, 62, was asked by President Sergio Mattarella on Sunday to form a new center-left government that will guide Italy to elections due by February 2018, following the resignation of outgoing Prime Minister Matteo Renzi.The biggest cabinet seat to fill is the one left vacant by Gentiloni himself, that of foreign minister.Just hours after Gentiloni was named as prime minister, the bank said it could avoid appealing for a government bailout, with BMPS shares up 6.46 percent in early afternoon trading on Monday.Gentiloni is now rushing to resolve the political crisis sparked by Renzi's crushing referendum defeat and downfall in time for Italy to attend the European Council meeting in Brussels on Thursday, where the pressing issue of migration is on the table.
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