Italian Prime Minister Mario Monti said in his lecture in Tokyo on Wednesday that euro area debt woes are almost over, referring that the main roots of the crisis were during the first years of the euro as Germany and France were loose concerning the public deficits and debts.

He said the main reason was not committing to the rules which did not allow for an annual budget deficit of more than 3% of GDP by Germany and France, thus causing countries such as Greece to violate it.

In addition, he mentioned that he is not worried that debt contagion would spread from Spain to his country or other euro area nations, stating that Spain, I'm sure, is on a steady course of budgetary consolidation.