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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Knighty Tin who wrote (22356)	1/28/2005 2:22:06 PM
From: mishedlo	Read Replies (1) of 116555

Conversation on the EU stability pact Mish: Italy´s Berlusconi against ´drastic´ EU pact demands on cutting public debt Tuesday, January 25, 2005 5:00:42 PM Italy's Berlusconi against 'drastic' EU pact demands on cutting public debt MILAN (AFX) - Italy's Prime Minister Silvio Berlusconi said he is against reforms to the EU's stability pact on public finances that make "drastic" demands on member states to cut public debt. Berlusconi was speaking after meeting French Prime Minister Jean-Pierre Raffarin, and said the two countries have a joint strategy on pact reforms to be agreed at a March 23 EU summit. Berlusconi said he wanted a more flexible interpretation of the stability pact, opposing "useless, drastic demands on debt", and saying public debt can only be reduced in a gradual way. Italy has public debt of more than 100 pct of GDP, against the EU pact's target of under 60 pct. Heinz: it's not surprising the the tax-and-spend politicos of Europe want to change the rules in mid flight, but it's still a huge mistake. the ECB is now apparently the only institution still firmly behind the original spirit of the pact. sad.

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