Tag: Mario MontiMario Monti
Italy's technocrat Prime Minister Mario Monti, appointed last year to steer his country through a debt crisis, said he was confident a stable government would be formed after elections in 2013, playing down fears of deadlock after he steps down.
As expected, more than two-thirds of the lawmakers in Germany's parliament moved on Friday to approve the permanent Euro rescue fund, the European Stability Mechanism, and a fiscal pact long championed by Chancellor Angela Merkel.
The German government and opposition reached on Thursday a deal that will allow parliament to approve the European Stability Mechanism, ESM, next week, but Germany's top court may delay the rescue fund's start date, saying it needed time to study the treaty.
European governments signaled a willingness to relent on Greece’s austerity measures as leaders turn from an election victory by Greek bailout proponents to focus on safeguarding the other 98% of the Euro economy
Italy is hugely exposed to the risk of contagion from the debt turmoil in the euro zone, said Prime Minister Mario Monti, suggesting the European Central Bank take action to help cool borrowing costs.
Euro zone officials have told members of the currency area to prepare contingency plans in case Greece quits the bloc, an eventuality which Germany's central bank said would be testing but manageable.
European Commission Vice President Antonio Tajani addressed Argentina's plan to expropriate 51% of the 57.43% share-package Spanish ran Oil Company Repsol owns, during a speech at the European Parliament on Wednesday. From Rome Italy also voiced its concern with events regarding YPF and trade restrictions.
Italian Prime Minister Mario Monti expressed concern about Spain's public finances and said it would not take much to reignite the Euro zone debt crisis and revive the risk of it spreading to Italy.
Italy is in recession, final data confirmed Monday. Italy's economy shrank 0.7% in the fourth quarter of 2011, following a 0.2% decline in GDP in the third quarter.
Italy's cabinet on Friday approved legislation to deregulate service sectors and professions in an effort to increase competition, cut costs to consumers and boost chronically weak growth in the Euro zone's third largest economy.