BERLUSCONI: The IMF Offered To Give Us Money But We Turned Them Down

Berlusconi

Photo: Wikimedia Commons

Italian PM Silvio Berlusconi just told reporters that the IMF offered Italy money but he turned it down.He said it was “not needed.”

Italy did agree to IMF “monitoring,” however.

We’re not sure what he’s about here — an offer of money from the IMF certainly doesn’t speak to the stability of Italy’s position.

Unsurprisingly, Italian yields have continued to explode and markets are down across the board.

Meanwhile, Berlusconi’s coalition is struggling to stay in power. Two deputies from his party defected this week, lowering his support in the lower house of the Italian parliament to a level that would be defeated in a confidence vote.

In classic Berlusconi fashion, he added that the restaurants and resorts in Italy are full and there is no sense of crisis, according to Dow Jones.

This development adds to disappointment that G-20 leaders have not yet agreed to participate with the IMF in supporting the European rescue fund (EFSF).

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