Wednesday, August 3, 2011

Italy calls for meeting on economy turmoil

Italian Prime Minister Silvio Berlusconi (L) and Finance Minister Giulio Tremonti

Source: Press TV

Italian Finance Minister Giulio Tremonti has called for an emergency meeting with central bank and financial market regulators to discuss the economic turmoil in the country.

The meeting will focus on the country's grave economic situation after Italy's bond yield increased to 6.18% - above where it was before July 21, when the European Union announced its latest debt crisis plan, AFP reported on Tuesday.

Italian officials claim that the crisis is due to fluctuations and uncertainties in international markets.

According to reports, Italy's huge public debt has raised borrowing costs to record levels, bringing the European country's economy closer to a full-scale financial crisis.

Analysts say that Italy suffers the same economic instability as do other crisis-hit EU members such as Greece, Portugal and Spain.

Tremonti is expected to meet Jean-Claude Juncker, the chairman of the Eurogroup meetings of Eurozone nations, on Wednesday to discuss the issue further.

Italy and Spain have been under mounting pressure in recent weeks as markets feel that the size of the Eurozone's bailout fund is too small to protect larger economies.

Italian Prime Minister Silvio Berlusconi is due to give a televised speech on Wednesday to reassure the nation that his government can prevent Italy from becoming the next victim of Europe's debt crisis.

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