Thursday, 5 July 2012

Monti: Italy does not need a bailout

Italian Premier Mario Monti, right, listens to German Chancellor Angela Merkel speaking at a press conference during a bilateral meeting at Villa Madama in Rome, Wednesday, July 4, 2012. Merkel is traveling to Rome for a regular meeting of the senior officials from the two countries along with several of her top ministers, including the economy and finance ministers. (AP Photo/Domenico Stinellis)

Italian Premier Mario Monti, right, listens to German Chancellor Angela Merkel speaking at a press conference during a bilateral meeting at Villa Madama in Rome, Wednesday, July 4, 2012. Merkel is traveling to Rome for a regular meeting of the senior officials from the two countries along with several of her top ministers, including the economy and finance ministers. (AP Photo/Domenico Stinellis)

German Chancellor Angela Merkel and Italian Premier Mario Monti arrive for a bilateral meeting at Villa Madama in Rome, Wednesday, July 4, 2012. Merkel is traveling to Rome for a regular meeting of the senior officials from the two countries along with several of her top ministers, including the economy and finance ministers. (AP Photo/Domenico Stinellis)

(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.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-07-04-Europe-Financial%20Crisis/id-b53d2db73cd642f189e11d8457372f7a

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