Wednesday, August 3, 2011

Silvio Berlusconi Says Italy Banks ‘Solid And Solvent’


Italian Prime Minister Silvio Berlusconi has said the country will not be drawn into the debt crisis engulfing Europe. Addressing Parliament on Wednesday, he said Italy's banks are "solid and solvent" and the economy was "solid". His comments come after heavy losses on the Milan stock market and a sharp rise in yields on Italian bonds. The eurozone's third largest economy is about to introduce a 43bn-euro ($62bn; £38bn) austerity package. Mr Berlusconi said Italy "has solid economic foundations" and called the recent fall in bond yields a "crisis of faith in the international markets". Italy has so far managed to avoid sovereign debt problems, despite having one of the highest debt-to-GDP ratios in the eurozone at 120%. But the economy is twice as big as Greece, Portugal and the Irish Republic combined, so a bailout would probably be unaffordable.

1 comment:

  1. Everything is peachy and green shoot. Italy economy is sharting its pants and Silvio Berlusconi is a dingle berry.


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