Italy’s recession would be deeper without the reforms its government is implementing, Prime Minister Mario Monti said.
“I cannot promise growth in 2012, but less recession,” Monti said at a conference in Cernobbbio, Italy, today. “Italy is not in a brilliant situation and the emergency stage cannot be solved in a year.”
The government action allowed spreads to narrow, helping banks, companies and families, Monti said.
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