“Italy holds the keys.”From Goldman’s analysis of this weekend’s Eurozone Summit:
Italy holds the keys: There are expectations that ‘commitments’ would be made by individual governments on fiscal and structural measures. While Barroso and van Rompuy refused to be drawn on individual countries, comments such as these point straight towards Italy. This is no surprise, after the ECB bought an estimated EUR 70bn of BTPs since August, while the Italian authorities have not yet delivered on growth enhancing measures. Tonight, PM Berlusconi announced an extraordinary Cabinet meeting Monday or Tuesday, and alluded to further pension reforms and the sale of publicly-owned real estate assets.
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