Italy: Sacrifices kept Italy, Europe from falling off cliff, Monti says
last update: September 07, 15:47
Bari, 7 Sept. (AKI) - Italian had to make sacrifices to prevent a national financial meltdown that would put an end to the euro monetary union, said Italian prime minister Mario Monti.
"The measures have allowed Italy to avoid a long-term irreversible economic crash, along with Europe," he said Friday during a speech in the southern Italian city of Bari.
Monti came to power in November as a debt crisis spiralled out of control causing Silvio Berlusconi's government to fall. Monti and a government of un-elected technocrat ministers have passed tax increases, declared war on tax evaders and made it more difficult to retire.
The moves, designed to balance the budget and decrease the world's fourth biggest national debt, have had the adverse effect of cutting consumer spending and boosting unemployment. The Italian economy has contracted for four straight quarters and its fourth recession since 2001 is expected to go into next year.
The Monti government seems to have recently initiated a concerted effort to put out positive messages, saying that an economic turn around is imminent.
"Italy has avoided the cliff," Monti said.
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