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11 February 2013

Bloomberg: Eurosceptic Grillo pushes for Italy debt renegotiation in vote


Beppe Grillo, poised to play a spoiler in this month's national elections, is gaining ground in opinion polls as he campaigns for sovereign debt relief to revive the country's stagnant economy.

"The debt must be renegotiated and the interest on the debt must be renegotiated”, Grillo said. “We won’t have growth in this country for 10 years if the climate stays as it is.” Grillo has embraced the ambition of political spoiler. His goal, he said, is to get 100 of the 945 elected seats in Italy’s Chamber of Deputies and Senate. In opposition, Grillo said his party will bring transparency to parliament and push to bring down whatever government takes over in six to eight months.

The most probable scenario is that Bersani wins enough seats to govern on his own or in a coalition with Monti.

Grillo has gained traction among voters in Italy as the country sinks deeper into recession and unemployment rises. Europe’s second-biggest debtor after Greece, the Italian government under Monti raised taxes and cut spending to shield the country from the sovereign debt crisis. That remedy helped push joblessness to the highest in more than 13 years.

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