FRANKFURT (MNI) – Italy does not need to seek aid from the
Eurozone’s bailout fund, European Central Bank Governing Council member
Jens Weidmann and Italian Finance Minister Vittorio Grilli said
Wednesday.
Speaking to reporters after a bilateral meeting at the Bundesbank,
which Weidmann heads, Grilli said: “Part of our conversation was also to
clarify the progress of Italy and why Italy is doing, I believe, a very
good job in reforming its economy and without the need for any extra
help. And so at this point it’s not within any plan of the Italian
government to apply for a program…because we are quite confident that
we are solving the Italian problems” on our own.
Weidmann concurred, saying, “Italy is strong enough to solve its
own problems.”
“Italy has embarked on ambitious reforms and has already made
important progress,” the Bundesbank chief said. “The reforms…are
certainly difficult, but in the end they’ve proved beneficial and
they’ve showed their first positive effects, not only for the Italian
people but also for the euro area as a whole. I have stressed in the
conversation that we had that even though Italy faces some challenges,
Italy is a fundamentally sound country,” he added.
“Italy’s current account deficit and budget deficit are
significantly smaller than those of many other countries. There is
considerable net wealth in the private sector and the country is home to
innovative and productive firms. And I am confident that by continuing
the reforms that the current government has undertaken, Italy will not
only overcome the challenges but also exit this current situation
stronger than before, ” Weidmann continued.
On Greece, both Weidmann and Grilli stressed that they would offer
no views before the Troika presents its final assessment. However,
Weidmann stressed that any Greek financing gap that might emerge must
not be covered by the ECB.
–Frankfurt newsroom +49 69 72 01 42; e-mail frankfurt@mni-news.com
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