Eurozone crisis live: Enrico Letta blasts austerity after being named Italy's next PM Former Italian prime minister professor Giuliano Amato, who could be chosen as its new PM today. Photograph: Laura Lezza/Getty Images Good morning, and welcome to our rolling coverage of the eurozone financial crisis, and other key events in the world economy. The political deadlock that has gripped Italy and alarmed Europe for two months could finally be broken today when the country's next prime minister is chosen. Giorgio Napolitano, freshly re-elected as president, has vowed to announce today a PM to lead a new coalition government and try to guide Italy out of recession and away from the heat of the debt crisis. Italy's centre-left Democratic Party (PD) and the centre-right People of Freedom (PDL) both pledged to support a new coalition government at talks yesterday. Silvio Bersusconi (who must have enjoyed watching the implosion at PD) played the senior statesman last night, telling reporters that: Given the crisis the country finds itself in, the country needs a strong, a durable government that can make important decisions. So, who might get the responsibility? One front-runner is Giuliano Amato, who has already had two stints as Italy's prime minister -- in 1992-1993, and from 2000-2001. But PD's deputy leader, Enrico Letta, is another option. There has also been talk that the charismatic mayor of Florence, Matteo Renzi, could be chose. This seems implausable -- Renzi himself described the idea as amazing and highly unlikely. Renzi still looks like a future Italian prime minister, though, even if not today... Also coming up today.... the monthly German Ifo Index will show whether business confidence rose or fell this month. That could indicate whether the German economy is being dragged into recession by the eurozone crisis. And the row over whether Europe should change the pace of its austerity programme should be relaxed will probably rage on.... I'll be tracking all the developments through the day.