24 Sep '11, 9pm

Italy should "expedite austerity plans": BERLIN: German Finance Minister Wolfgang Schaeuble...

Italy should "expedite austerity plans": BERLIN: German Finance Minister Wolfgang Schaeuble...

BERLIN: German Finance Minister Wolfgang Schaeuble said Saturday he hoped that a recent downgrade of Italy's debt would spur Rome to speed up implementing its recently adopted austerity measures. "The leaders in Italy -- and in all the other countries -- must know that it is problematic to announce measures or to take on commitments and then not to follow through on them. That's how one loses the markets' confidence," Schaeuble said in an interview in the weekly WirtschaftsWoche. "Perhaps Italy will see in the downgrade of its debt the opportunity to implement more quickly and with more diligence the (austerity) measures it has taken," he said of the eurozone's third largest economy. Standard and Poor's this week lowered Italy's sovereign debt rating from "A+" to "A" citing weakness in Italy's growth outlook and "the fragility of the coalition in power". Despite adopting a...

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

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