Eurozone Recession: Italy Will Cope with Crisis by its own Efforts
Last weekend the European leaders were trying to decide Greece destiny as the country suffers from huge sovereign debt. In case Troika (which includes the ECB, the IMF and European Commission) does not approve another tranche of aid to Greece, the country will face default in the upcoming weeks.
Negotiations between Minister of finance Yannis Stournaras and Troika representatives were successful; however, the market is still waiting for more detailed information. Greece is asking for 2-year respite in order to meet deficit targets.
At any rate, Troika is intended to visit Athens in this September. Greece is not the only one to receive a bailout. For example, Ireland fights against crisis with the EU help as well. The question is if Greece is comfortable with such outcome. German politicians and analysts do not think so.
Meanwhile, Italy and Spain, the countries that are also affected by the crisis, do not ask for European support.
Nevertheless, Spain is likely to seek for bailout again. But whether accept it or not, the government can decide after considering all the conditions carefully.
Head of the Italian central bank does not think that the country needs financial aid from the EU. The government will take into consideration the market reaction. Currently, the country meets all fiscal targets and stimulates economic growth.