Eurogroup chief says Italy faces no financial risks

08:52, December 17, 2010      

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Eurogroup chief Jean-Claude Juncker said Thursday that Italy's economic position was solid and the country was protected from the risk of financial crisis.

"From a political and financial point of view I see no reason why Italy should be penalized by global markets, especially now that the threat of a government crisis has been overcome," Juncker said, referring to the parliamentary success secured by the government of prime minister Silvio Berlusconi in Tuesday' s vote of confidence.

Juncker, in an interview published in the daily Corriere della Sera,praised a 24-billion-euro austerity budget plan approved by the Italian parliament that is centered on substantial spending cuts and public savings.

Juncker's reassurance for Italy's performance and his approval of the budgetary measures closely followed that of Olli Rehn, the EU Commissioner on Economic and Monetary Affairs.

Rehn last week in a speech at the Italian parliament praised the state of Italy's budget.

Source: Xinhua
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