Salvini Says Italy Doesn't Need Outside Help To Avoid Financial Crisis

Verona, ITALY (Alliance News) - Italy will not ask Russia or any other foreign partner to buy its ...

Alliance News 25 October, 2018 | 10:06AM
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Verona, ITALY (Alliance News) - Italy will not ask Russia or any other foreign partner to buy its sovereign debt in order to avoid a possible financial crisis, Deputy Premier & Interior Minister Matteo Salvini said on Thursday.

Italy's borrowing costs have surged since its populist government announced plans to defy eurozone budget discipline rules by raising the deficit, triggering a major confrontation with the European Commission.

"The budget will give stability and tranquillity to Italy, we do not need outside help," Salvini said on the sidelines of the Eurasian Economic Forum, a business conference in the northern Italian city of Verona.

He was asked whether Russia's sovereign fund could start buying Italian debt, a possibility that was raised on Wednesday during Italian Prime Minister Giuseppe Conte's visit to Russian President Vladimir Putin in Moscow.

Salvini, who leads the far-right League party, said the budget was designed to respond to the needs of the Italian people, not to assuage financial markets. He said they needed to adapt to this reality.

Opening the conference, the Italian minister reiterated his opposition to EU sanctions on Russia, which he has repeatedly criticized for damaging Italian exports. "In 2018 we do not need sanctions, we do not need tanks," he said.

Copyright dpa

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