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Monti urges parliament to approve package

12-06-2011 07:50 BJT

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Italy's new Prime Minister Mario Monti has urged Parliament to swiftly approve his anti-crisis package, including new taxes and pension reforms, warning that the survival of the euro depends on whether the nation makes strong sacrifices.

Italy’s new Prime Minister Mario Monti told lawmakers the country needs speedy and credible measures that will persuade markets to stop betting against the euro. He also said there are no alternatives to the austerity measures adopted on Sunday by his Cabinet.

Italy's new premier urged Parliament on Monday to swiftly approve his anti-crisis
package, including new taxes and pension reforms, warning that the survival of the
euro depends on whether the nation makes "strong sacrifices."

Monti said: "Armed with this austerity package, if you approve it, on behalf of the government and of the country I will be able to represent with more strength - coming not from my personal merits, but from what Italy is concretely doing - the positions we believe are the best for a fair, balanced and harmonic development of the EU, which is the only safe anchorage for Italy."

Monti has also warned the lawmakers that failure to approve the measures would put Italy into the abyss of a crisis. He said Parliament must do what is necessary to avoid financial disaster.

While Monti made the appeal, the reaction from lawmakers was mixed, even cool. He was heckled at times during his speech.

Some lawmakers have indicated they want changes.

The reform measures were adopted late Sunday by Monti's cabinet and went into immediate effect, but Parliament must approve the measures within 60 days, or they expire.

Italian borrowing costs have spiked since October, which could spell disaster if Italy is unable to keep up payments to service its 1.9 trillion euro debt, equivalent to 120 percent of its GDP.

Italy needs to refinance close to 200 billion euros of that debt by May.

Unlike Greece, Portugal and Ireland - EU nations that got bailouts after their borrowing rates rocketed over 7 percent - Italy is the eurozone’s third-largest economy and considered to be too big to be bailed out.

An Italian default would be disastrous for the eurozone and could send both Europe and the United States into recession.

Italy's new premier urged Parliament on Monday to swiftly approve
his anti-crisis package, including new taxes and pension reforms,
warning that the survival of the euro depends on whether the nation
makes "strong sacrifices."

Italy's new premier urged Parliament on Monday to swiftly approve his anti-crisis
package, including new taxes and pension reforms, warning that the survival of the
euro depends on whether the nation makes "strong sacrifices."

Italy's new premier urged Parliament on Monday to swiftly
approve his anti-crisis package, including new taxes and
pension reforms, warning that the survival of the euro
depends on whether the nation makes "strong sacrifices."

 

Editor:Zhang Rui |Source: CNTV.CN

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