Monday, October 24, 2011

EU leaders urge action from Italy

AppId is over the quota
AppId is over the quota
23 October 2011 Last updated at 16:55 GMT silvio berlusconi EU leaders said they would work "hand in hand" with Silvio Berlusconi to cut Italy's debts European leaders have demanded that Italy make a major effort to reduce its 1.9tn euro (£1.6tn) debt burden.

German Chancellor Angela Merkel said Prime Minister Silvio Berlusconi must make "credible" cuts in an effort to save the eurozone.

EU president Herman Van Rompuy added: "We are asking for a major effort on the part of the Italian authorities."

Both leaders met Mr Berlusconi before the the start of an emergency summit on the eurozone debt crisis.

Mr Van Rompuy said after the meeting with the Italian leader: "We asked to be reassured that the courageous measures taken by Italy will be implemented in time regarding the budget and reform."

The summit, in Brussels, was held amid fears that the crisis that has engulfed debt-ridden Greece may spread to Italy and Spain.

With another EU summit scheduled for Wednesday, Mr Van Rompuy said leaders would work "hand in hand" with Mr Berlusconi in the coming days to make sure Rome "implements what it promised".

In a news conference, held alongside French president Nicolas Sarkozy, Mrs Merkel said that it was important for Italy's public debt "to be reduced in a credible manner in the coming years".

Mr Sarkozy said that the summit had reached a "broad agreement" to ramp up the firepower of the eurozone rescue fund, the European Financial Stability Facility.

Nervous financial markets have been rising in recent days on hopes that a package of measures to tackle the eurozone crisis could be announced on Wednesday.



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