ITALY: Economy Minister Giulio Tremonti says European debt crisis requires a political solution

Record ID: 494994

  • Title: ITALY: Economy Minister Giulio Tremonti says European debt crisis requires a political solution
  • Date: 15th July 2011
  • Summary: ROME, ITALY (JULY 14, 2011) (REUTERS) VARIOUS SENATORS IN UPPER HOUSE ECONOMY MINISTER GIULIO TREMONTI SHAKING HANDS WITH SENATOR AND TAKING SEAT VARIOUS SENATORS (SOUNDBITE) (Italian) ECONOMY MINISTER GIULIO TREMONTI, SAYING: "The Greek economy is equivalent to only about three percent of the European economy but it's relevance in this moment is much greater. We are living a paradox. The Eurozone is objectively the richest and least in debt area in the world but despite this the perception that the financial markets have does not reflect this." SENATORS LISTENING (SOUNDBITE) (Italian) ECONOMY MINISTER GIULIO TREMONTI, SAYING: "Today in Europe we have an appointment with our destiny. Salvation will not come from the financial world but from the political world. But the political world can never again make mistakes. We cannot say in spring time in Brussels that in Europe all the sovereign bonds will be guaranteed and then in Deauville in Autumn say that everything can be lost. So now we have reached a point of dilemma and drama for Europe and the Euro, or we move forward or we sink. The solution is either political or it isn't, or it is the same in the whole of Europe or it isn't. No-one should have any illusions of individual salvation. Just like on the Titanic, not even the first class passengers will be saved." SENATORS LISTENING (SOUNDBITE) (Italian) ECONOMY MINISTER GIULIO TREMONTI, SAYING: "No one writes a budget such as this without wanting the common good. Without balancing the books the public debt, a monster that comes from our past, will devour our future and the future of our children. The country is watching us, they are looking at the government, the majority and the opposition, who do differ but today here are not divided, and for this I am proud to be here with all of you today." SENATORS APPLAUDING VARIOUS VOTING ECONOMY MINISTER GIULIO TREMONTI TALKING TO SENATORS VARIOUS VOTING
  • Embargoed: 30th July 2011 13:00
  • Keywords:
  • Location: Italy, Italy
  • Country: Italy
  • Topics: European Union,Economy,Politics
  • Reuters ID: LVA5GNOEKE1EJ9ZBKWFINS50G30C
  • Story Text: Italy's Economy Minister Giulio Tremonti said on Thursday (July 14) Europe must remain united in order to escape financial doom.
    Speaking in the upper house of parliament before a vote on an austerity package aimed at bringing the budget into balance by 2014, Tremonti said Europe must restore confidence in its market or risk collapsing.
    "The Greek economy is equivalent to only about three percent of the European economy but its relevance in this moment is much greater," Tremonti said.
    "We are living a paradox. The Euro zone is objectively the richest and least in debt area in the world but despite this, the perception that the financial markets have does not reflect this," he said.
    The four-year package, which has been increased to 47.972 billion euros ($68 billion) from 40 billion euros in the last 24 hours, aims at balancing the budget by 2014.
    "Today in Europe we have an appointment with our destiny. Salvation will not come from the financial world but from the political world. But the political world can never again make mistakes," Tremonti told Italian lawmakers.
    "No-one should have any illusions of individual salvation. Just like on the Titanic, not even the first class passengers will be saved," he said.
    Opposition leaders have so far said they will vote in favour of the budget but say Prime Minister Silvio Berlusconi's government is in shambles and should resign after its definitive approval.
    "The country is watching us, they are looking at the government, the majority and the opposition, who do differ but today here are not divided, and for this I am proud to be here with all of you today," Tremonti said.
    The package is due to be approved by the upper house Senate at about 1200 GMT ahead of definitive approval by the lower house Chamber of Deputies on Friday. Berlusconi has a majority in both houses.
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