Tags: Bank | Italy | EU | IMF | bailout | euro

Bank of Italy Chief: Dump the Euro Bailout Plan Now

Tuesday, 01 Jun 2010 11:20 AM

The Bank of Italy chief says the EU-IMF's 750 billion euro ($923 billion) package to defend the euro against speculation will have to be discontinued as quickly as possible.

Mario Draghi says the program should end as soon as markets spontaneously resume trading in government securities.

He said "this will require rapid, significant and discernible progress in adjusting government budgets."

The EU and IMF pledged the package on May 10 in hopes of repelling speculative attacks on the weakest of Europe's debt-laden nations and preventing the common currency from disintegrating.

Draghi called for a strengthening of the Stability and Growth Pact, which limits budget deficits to 3 percent of GDP, saying political sanctions should be applied for noncompliance.

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The Bank of Italy chief says the EU-IMF's 750 billion euro ($923 billion) package to defend the euro against speculation will have to be discontinued as quickly as possible. Mario Draghi says the program should end as soon as markets spontaneously resume trading in...
Bank,Italy,EU,IMF,bailout,euro
118
2010-20-01
Tuesday, 01 Jun 2010 11:20 AM
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