Comparing Italy debt concerns to Greece is ‘not quite fair’: European Stability Mechanism chief

Italy was ‘always in a much better situation’ than Greece: ESM 2 Hours Ago | 02:02It’s unfair to draw comparisons between the current concerns about Italy’s budget deficit targets and Greece at the height of the its debt crisis, according to the managing director of Europe’s bailout fund. Over the last eight years during the euro crisis, Italy never lost market access, Klaus Regling, managing director for the European Stability Mechanism, told CNBC’s Nancy Hungerford on Thursday at the IMF and W


Italy was ‘always in a much better situation’ than Greece: ESM 2 Hours Ago | 02:02It’s unfair to draw comparisons between the current concerns about Italy’s budget deficit targets and Greece at the height of the its debt crisis, according to the managing director of Europe’s bailout fund. Over the last eight years during the euro crisis, Italy never lost market access, Klaus Regling, managing director for the European Stability Mechanism, told CNBC’s Nancy Hungerford on Thursday at the IMF and W
Comparing Italy debt concerns to Greece is ‘not quite fair’: European Stability Mechanism chief Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: saheli roy choudhury, andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, deficit, italys, italian, director, debt, greece, stability, target, managing, mechanism, comparing, concerns, fair, quite, european, regling, italy


Comparing Italy debt concerns to Greece is 'not quite fair': European Stability Mechanism chief

Italy was ‘always in a much better situation’ than Greece: ESM 2 Hours Ago | 02:02

It’s unfair to draw comparisons between the current concerns about Italy’s budget deficit targets and Greece at the height of the its debt crisis, according to the managing director of Europe’s bailout fund.

Over the last eight years during the euro crisis, Italy never lost market access, Klaus Regling, managing director for the European Stability Mechanism, told CNBC’s Nancy Hungerford on Thursday at the IMF and World Bank annual meetings in Bali, Indonesia.

“The comparison with Greece is, I think, not quite fair, at least not when we compare Greece when it was in the difficult phase,” Regling said, adding, that Italy had long been in a much better situation.

“Because (Italy’s) deficits were relatively small, there’s a current account surplus for Italy, we know that a lot of the Italian sovereign debt is financed by residents because savings of the Italian private sector is very high,” he said.

Still, the country has become a concern for investors in recent weeks after its new coalition government announced plans to increase public spending in the coming years.

Last month, the government agreed on a 2.4 percent budget deficit target for 2019, which is three times higher than the number that the previous government had planned. It set a debt-to-GDP target of 130 percent in 2019. Italy also predicted growth rate for next year to be 1.5 percent.


Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: saheli roy choudhury, andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, deficit, italys, italian, director, debt, greece, stability, target, managing, mechanism, comparing, concerns, fair, quite, european, regling, italy


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