Vittorio Grilli, who becomes deputy finance minister, is a former director-general of the treasury.

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Meanwhile, Prime Minister Mario Monti is meeting with Economic Minister Vittorio Grilli and Bank of Italy Governor Ignazio Visco.

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Vittorio Grilli was briefed by Mr Draghi ahead of a special parliamentary hearing on Tuesday concerning the derivatives scandal emerging at the 500-year-old bank.

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Mr Monti's deputy finance minister, Vittorio Grilli (Mr Monti is his own finance minister), predicts a fall in GDP of up to 0.5% next year, with the outlook flat for 2013.

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