[Euractiv]French President Nicolas Sarkozy and German Chancellor Angela Merkel yesterday (23 October) summoned Italian Prime Minister Silvio Berlusconi to make economic reforms capable of reassuring nervous markets.
Speaking at a joint press conference after the meeting of the 27 EU heads of state and government, Sarkozy and Merkel were pressed to comment on the separate meeting they held with Italian Prime Minsister Silvio Berlusconi on the sidelines of the summit. Italy's mix of chronically low growth, a public debt mountain of €1.84 trillion, or 120% of GDP, and a struggling government coalition, has caused mounting alarm in financial markets.
The country, which is politically unstable, would need at least €600 billion in the case of a bailout (see background), too much for the eurozone's €440 billion bailout fund. The government last month pushed through a €60 billion austerity package – bringing forward its original balanced budget target by one year – in return for ECB support for its battered government bonds market. But doubts are now growing over the country's ability to implement these austerity measures.
Lire : euractiv.com
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