Sabato, 20 Ottobre 2018

Rome dismisses Schaeuble's warning of Cyprus contagion


Rome, April 18 - Italian Industry Minister Corrado
Passera on Thursday dismissed German Finance Minister Wolfgang
Schaeuble's warning that insolvency in Cyprus could cause
problems for larger European countries exposed to the eurozone
crisis like Italy and Spain.
''No, no. Let's give a sense of proportion to things. We
have already let ourselves get put in a corner by a country that
represents 2% of Europe's (GDP) and we managed to make a devil
of a mess dinner by not facing it in the right way at the right
time,'' Passera said on Italian radio, referring to Greece.
''Let's not repeat (the mistake) now with a micro-problem
like Cyprus.
''I believe that the first condition for assuring growth
is to not have a country or a business that blows up or is at
risk of blowing up.
''The prerequisite for growth has to be sustainable from
the point of view of accounts, and this has been assured (for
Earlier on Thursday Schaeuble had told the German
parliament that, ''Insolvency for Cyprus would also put
countries like Spain and Italy at risk. The ECB (European
Central Bank), the European Commission and the IMF
(International Monetary Fund) have maintained that the fate of
Nicosia is relevant for the eurozone''.

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