Berlusconi: Don't You Worry about Italy

Italian Prime Minister Silvio Berlusconi arrives for the EU Council summit, at the European Council headquarters, in Brussels, Sunday 23 October 2011. EPA/BGNES

Nobody should fear about the stability of Italy's economy and Italian finances, according to the country's Prime Minister Silvio Berlusconi.

Berlusconi reacted Monday night to the demands by German Chancellor Angela Merkel, French President Nicolas Sarkozy, and EU Council President Herman Van Rompuy that Italy take up urgent measures over its public debt and economic growth.

Berlusconi issued a statement as he summoned his Cabinet for an emergency meeting Monday to discuss growth measures that should prevent Italy with its EUR 1.9 T debt (120% of its GDP) from ending into the situation of a "giant Greece."

Berlusconi responded by saying "no one can nominate themselves commissioner" of the EU and "give lessons" to EU partners, as cited by BGNES.

He says Italy's banking system is stronger than that of France and Germany and that Italy would cut its debt.

The 17-nation eurozone has already been forced to bail out three of its weakest members — Greece, Ireland and Portugal — but could not handle a possible bailout of a nation the size of Italy.

Italy has passed EUR 54 B in austerity measures aimed at balancing the budget by 2013, but implementation has been slow.

Over the weekend, the EU leaders' summit failed to make ultimate decisions on how to go about tackling EU's debt crisis, and the 27 state leaders are convening again on Wednesday.

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