Mario monti 08 07 2012

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Reports that Italian Prime Minister Mario Monti plans to resign saw Italian stocks fall sharply.

Monti announced his plans to quit earlier this month after the People of Freedom party withdrew its support for the government.

Italy's Premier Mario Monti announced on Sunday he may be ready to seek second term.

Outgoing Italian Prime Minister Mario Monti has said he will lead a coalition of center parties going into a parliamentary election in February.

Mario Monti had planned to serve until April 2013 when the current parliamentary term runs out.

Gabriel Bouys

AFP/Getty Images