1 agosto 2012 17:22
In a game of words, Monti admits that he wants Italian debt to be bought by EU instruments, because interest rates are unfairly high, and yet says Italy does not need a bailout. Nothing much different from reactions in the past from Greece, Ireland, Portugal and Spain. In an alliance with Hollande and Rajoy, Monti stresses that "we will do whatever it takes to save the euro." But solutions are being stretched to constitutional and treaties' limits, and it is increasingly difficult to obtain consensus.
1 agosto 2012 17:22
| Bloomberg: |
| "Italy might want Europe's rescue funds and the ECB to buy its bonds, Monti told Finnish newspaper Helsingin Sanomat in an interview published today, stressing that the country doesn't need a bailout. "We're thinking of a possible intervention in various combinations," involving the temporary rescue fund, the permanent European Stability Mechanism and the ECB, he said. German lawmakers are reluctant to follow such a course. "It's not the job of the ECB to provide state aid," Horst Seehofer, the Bavarian prime minister who heads the Christian Social Union, sister party to Merkel's Christian Democratic Union and one of three coalition partners, said in an interview with ZDF television on July 29. (...) Merkel and her Cabinet ministers have ruled out any move to grant the mechanism access to ECB liquidity via a banking license, a proposal that would allow the permanent ESM to wield unlimited firepower, Economy Minister Philipp Roesler said. (...) "The chancellor and we have discussed it and we are united that a bank license cannot be our way," Roesler, who is also vice chancellor, told reporters in Berlin today after he stood in for Merkel at the weekly Cabinet meeting. "Fiscal discipline and economic reforms have to be the way forward. Other ways are not suitable"." |
| source: Monti Presses National Leaders For Action To Back Draghi | Bloomberg |