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24 May 2012

Bloomberg: Monti says Germany can be persuaded on eurobonds

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Italian Prime Minister, Mario Monti, said that the majority of European Union leaders at a Brussels summit this week backed joint euro area bonds, and that Italy can help persuade Germany to support Europe's "common good" as well.

“Europe can have eurobonds soon”, Monti said. "Germany has an interest in ensuring no country leaves the euro, while Greece will probably remain in the 17-nation currency region even as "anything can happen".

Monti’s account of the meeting contrasted with that of Luxembourg Prime Minister, Jean-Claude Juncker, who told reporters in Brussels that joint debt sales “didn’t find much support”, particularly in the German-speaking area, while the French-speaking area was more enthusiastic.

Monti spoke after the summit of the EU’s 27 leaders ended early yesterday with an exhortation to Greek voters to elect a pro-austerity government on June 17 that makes the budget cuts needed to keep the financially ravaged country in the euro. “If Italy one day left the euro and reacquired its own autonomous currency, with interest rate freedom, and the new lira was devalued, it would be a huge problem for Germany’s exports”, Monti said. “And it would also be a major problem for Italy.”

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