A deal struck by euro zone leaders on Thursday to contain the region's dangerous debt crisis was greeted skeptically in the two countries most in the firing line, Greece and Italy, with some saying politicians were dreaming, according to Reuters.
Italian Prime Minister Silvio Berlusconi submitted an ambitious set of reforms intended to boost growth and cut debt as part of the deal, but analysts questioned the ability of his fractious coalition to implement the plan.
In Greece, opposition politicians and citizens feared further painful belt-tightening and years of recession , showing little enthusiasm for a plan for banks and insurers to accept a 50 percent loss on their Greek government bonds.
Berlusconi's pledges include raising the retirement age and making it easier for firms to lay off staff, but few expect a scandal-ridden government with a poor track record of pushing through reforms to be able to do so while battling for survival.
"It's hard to believe that yesterday's intentions can really be transformed into the biggest plan of market reforms Italy has ever put on paper….”
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