Reform of euro zone bailout fund; Italian minister delivers warning
December 9, 2019
Europe

Reform of euro zone bailout fund; Italian minister delivers warning

ROME- Reform of the European Stability Mechanism (ESM) bailout fund may be unacceptable for Italy, Foreign Minister Luigi Di Maio told daily Corriere della Sera on Wednesday.

The proposals have created a political storm in Italy, where parties and institutions are battling over whether Rome should try to block the changes at the European Union level.

A draft of the reform was agreed by euro zone finance ministers in June and is due to be finalised by leaders next month, but senior Italian officials including its central bank chief have warned that some measures are financially dangerous.

Italian media reported on Wednesday that Rome might seek to delay the ESM reform.

Di Maio, leader of the co-ruling 5-Star Movement, said he will discuss the matter with lawmakers within his anti-establishment party.

“It is fair to assess the state of play. An ESM reform that crushes Italy is not feasible,” Di Maio told Il Corriere della Sera.

“In Europe we have been accustomed to low blows that we no longer want to suffer,” he added without elaborating.

(Content and photos syndicated via Reuters)

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