Italy must not rely on ECB says German finance minister

German Finance Minister Wolfgang Schaeuble said Italy must overhaul its economy and not rely on the European Central Bank to offer a “comfortable way” out of the sovereign-debt crisis.

6th December, 2011
Italy must not rely on ECB says German finance minister
German Finance Minister Wolfgang Schaeuble

German Finance Minister Wolfgang Schaeuble said Italy must overhaul its economy and not rely on the European Central Bank to offer a “comfortable way” out of the sovereign-debt crisis.

The ECB started buying Italian bonds on August 8th in a bid to stem soaring borrowing costs for the eurozone’s second most-indebted economy. Critics such as former Italian Prime Minister Silvio Berlusconi have urged the ECB to step up the purchases to end Europe’s...

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