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Monti: Italy does not need bailout

Other News Materials 5 July 2012 02:50 (UTC +04:00)

Italian Prime Minister Mario Monti reiterated Wednesday that his government would not seek a bailout from the European Union to finance Italy's debt, dpa reported.

"Italy does not need assistance," Monti said during a joint press conference in Rome with German Chancellor Angela Merkel.

"Italy's budget deficit in 2012 will be 2 per cent of GDP (gross domestic product) - half of the European average, and next year it will have a surplus in structural terms," the Italian premier said.

Merkel praised attempts made by Monti's government to curb state expenditure and relaunch Italy's recession-hit economy.

"The structural reforms introduced by the Monti government are excellent," she said.

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