Monti denies Italy will need bailout

AP News
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Posted: Jun 12, 2012 4:09 PM
Monti denies Italy will need bailout

Italian Premier Mario Monti has insisted Italy won't need a European bailout as concerns mount that Rome could be Europe's next debt crisis victim.

Monti spoke Tuesday to German public radio ARD after Austrian Finance Minister Maria Fekter said, "It is possible that it will come to aid" for Italy due to its high borrowing costs.

Fekter backtracked Tuesday, saying there was no indication Italy would need to seek a bailout.

Monti insisted that "Italy, even in the future, won't need aid" from the bailout fund.

He acknowledged that Italy previously was seen as being fiscally undisciplined, but said that has changed.

Speculation about Italy's prospects has grown after Spain sought help for its ailing bank sector by tapping a (EURO)100 billion ($125 billion) eurozone bailout fund.