Monti: Italy does not need a bailout
ROME (AP) — Italian Premier Mario Monti has insisted Italy doesn't need a European bailout because it expects a budget surplus next year, but acknowledges work still needs to be done to cut public spending, boost economic growth and create jobs.
Monti spoke Wednesday at a press conference with German Chancellor Angela Merkel. It was their first meeting since European leaders in Brussels last week agreed to use the continent's bailout fund to funnel money directly to struggling banks and let countries following budget rules apply for financial aid without stringent conditions attached.
Monti, who had pressed for such a deal, insisted Italy didn't need help because its structural budget deficit of 2 percent of gross domestic product was half the European average and next year was expected to register a structural budget surplus.
Monti spoke Wednesday at a press conference with German Chancellor Angela Merkel. It was their first meeting since European leaders in Brussels last week agreed to use the continent's bailout fund to funnel money directly to struggling banks and let countries following budget rules apply for financial aid without stringent conditions attached.
Monti, who had pressed for such a deal, insisted Italy didn't need help because its structural budget deficit of 2 percent of gross domestic product was half the European average and next year was expected to register a structural budget surplus.
