Bloomberg News

Rehn Says Italy Needs More Fiscal Measures, Repubblica Reports

November 29, 2011

Nov. 29 (Bloomberg) -- The Italian government should introduce fiscal measures amounting to 11 billion euros ($14.7 billion), overhaul the pension system and ease labor laws, la Repubblica daily said, citing a document signed by European Union Economic and Monetary Affairs Commissioner Olli Rehn.

The document will be presented to euro-area finance ministers in Brussels today, according to the newspaper.

The increase in Italy’s bond yields in the short term has “a limited impact on the budget,” even as the risk of a default “can increase rapidly in the absence of adequate responses,” Repubblica said, citing the document.

--Editors: Jeffrey Donovan, Fergal O’Brien

To contact the reporter on this story: Chiara Vasarri in Rome at cvasarri@bloomberg.net;

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net


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