09 Jan '12, 1am

Euro "not in crisis": Italian PM

Euro "not in crisis": Italian PM

ROME: Italian Prime Minister Mario Monti on Sunday rejected talk of a euro crisis and said Rome was open to the idea of a tax on financial transactions championed by France -- but only if the measure was part of an EU-wide effort. "The euro is not in crisis, the currency has solidly maintained its exchange rate with the dollar," Monti said on RAI 3 public television, adding that Italy's "banking system is not under threat". "The problem we are facing is that some EU countries have a public debt crisis," he said. "Our crisis is a systemic crisis." Monti, a former European commissioner who took office as Italy's prime minister and finance minister in November, said Italian commercial banks "are not under threat". His comments came as Italy's top bank UniCredit on Wednesday set a low price for the share issue to raise the 7.5 billion euros ($9.8 billion) it needs to meet new ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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