Italy does not need any bailout from its European partners, Italian Prime Minister Mario Monti on Wednesday said in parliament. The same statment made by the Spanish Government before requesting 125b Euro.
We wanted to show with actions in our country that we do not need the paralyzing protection of others, Monti said during a Senate briefing.
He said the pressure on the Italian debt will abate if the EU could adopt measures such as serious public investment..., and if there will be explicit steps towards the construction of Eurobonds or stability bonds, or the redemption fund.
In his view, these measures would not need to become operational this year, but must not be excluded from the table.
Italy and Europe as a whole were in a reinforced situation compared to some months ago, Monti said, adding that there will be moments of opinion exchange with US President Barack Obama who is following with understandable interest and concern the eurozone dynamics before the EU summit on 28 June.
If the EU Council of 28 June produces a credible package of measures for growth, then the Italian spread will decrease, he said.
In fact, what worries financial markets and rating agencies is the lack of growth, which worries us too, Monti added.
If we restart growing, we will pay a lower spread, interest rates will fall, companies will be facilitated in the investment and this will shelter us from infection, he said.
In an interview with the Turin-based La Stampa newspaper Wednesday, German Finance Minister Wolfgang Schauble also said Rome is not in danger,but called on the country to remain firmly on the road taken by the Monti's government.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.