Bloomberg News

Italy Faces ‘Difficult’ Moment, Recession Likely, Passera Says

December 01, 2011

Dec. 1 (Bloomberg) -- Italy is experiencing a “difficult” moment and a recession is likely, Development Minister Corrado Passera said.

The country can still regain credibility and “positively surprise” the world, said Passera, a former chief executive officer of Intesa Sanpaolo SpA, Italy’s second-largest bank.

He declined to offer details of budget measures that will be presented by Prime Minister Mario Monti on Dec. 5. Passera made his comments in a speech in Rome today.

--Editors: Jeffrey Donovan, Andrew Davis

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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