Acceding to pressure from European leaders, Italy “invited” the International Monetary Fund to look over Rome’s shoulder to ensure it is carrying out reforms designed to keep the country from succumbing to Europe’s widening sovereign debt crisis, European Union officials told the NY Times..
In an extraordinary move, Italy said it had invited the fund to scrutinize its books every three months to make sure a $75 billion austerity package is carried out according to plan. A team from the European Commission will also travel to Rome next week to start monitoring Rome’s efforts, the president of the group, Jose Manuel Barroso, said.
Should Italy get swept up in the debt contagion, it would threaten to overwhelm even the latest bailout vehicle being assembled, the $1.4 trillion European Financial Stability Facility, taking Europe’s debt crisis to a new level and potentially weighing on the global economy and the sh#! Would certainly hit the fan this time….
Read more at http://www.nytimes.com/2011/11/05/world/europe/italy-agrees-to-imf-oversight.html?_r=1&ref=global-home
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