Italian PM Urges IMF to Help Greece Avoid Economic Explosion

Instead he urged the International Monetary Fund to show leniency towards Greece in bailout discussions to prevent a "big economic explosion."  

            

Speaking at the Peterson Institute for International Economics, Monti said that the Euro as a currency has remained remarkably stable since the beginning of the European sovereign debt crisis in 2010.  

 

[Mario Monti, Italian Prime Minister]:       

"Everybody has in mind, of course, the Eurozone crisis, I think everybody should be aware, and I think everybody in this room is aware but not everyone in this country or in Italy or in Europe is aware of the fact that this is not been a crisis of the Euro. The Euro has continued to display very, very remarkable stability, solidity, it has not incurred in any of the two situations in which a currency shows its weakness, in terms of domestic purchasing power and in terms of external purchasing power, in terms of exchange rates..."  

            

Monti also urged the International Monetary Fund to show leniency towards Greece in future bailout discussions to prevent a more severe economic crisis.  

 

[Mario Monti, Italian Prime Minister]:              

"It is my understanding that many of us in Europe, including the member states which traditionally are on the side of caution and of discipline, believe that this is the moment to consider that if there is a minimum of compliance with the requirements set out, this is the moment to turn the page and extinguish this potential big explosion."    

          

The IMF and Greek authorities are reportedly in the midst of talks to finalize details of a new rescue package following an agreement among the country's political leaders.