Italy's Monti Warns of Greek-Style CollapseDecember 6, 2011 @ 7:56 AM EST
Europe Update: Italy’s Monti Warns of Greek-Style Risk
Calling on EU leaders to “do their part” in solving the European sovereign debt crisis, Italy’s Prime Minister Mario Monti warned Monday of a Greek-style economic collapse if the crisis is not solved.
Monti told his Parliament on Monday, "Italy is ready to do what it has to do but Europe must not fail to do its part."
Monti introduced a new plan he dubbed “Save Italy” on Sunday that would raise more than €10 billion in new taxes and cut€30 billion from the current budget.
"Without this package, we think that Italy would have collapsed, that Italy would go into a situation similar to that of Greece," Monti told foreign journalists.
Monti warned that the consequences of not passing the package were dire. "If Italy were not capable of reversing the negative spiral of growth in debt and restoring confidence to international markets, there would be dramatic consequences, which could go as far as putting the survival of the common currency at risk," the PM told Parliament.
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