IMF Readies $794B Italy Bailout
The
International Monetary Fund is getting ready to put together a $794
billion bailout package for Italy that would give new Prime Minister
Mario Monti 12 to 18 months to implement budget cuts and austerity
measures before the country runs out of money. But Monti has come under
pressure to speed up the reforms. Germany is against giving aid to Italy
through the European Central Bank, but the lending of funds through the
IMF would make the rest of Europe more receptive to the idea.
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