Italy calls for meeting on economic turmoil

ITALY: Italian Finance Minister Giulio Tremonti has called for an emergency meeting with central bank and financial market regulators to discuss the economic turmoil in the country.

The meeting will focus on the country’s grave economic situation after Italy’s bond yield increased to 6.18% - above where it was before July 21, when the European Union announced its latest debt crisis plan, AFP reported on Tuesday. Italian officials claim that the crisis is due to fluctuations and uncertainties in international markets. According to reports, Italy’s huge public debt has raised borrowing costs to record levels, bringing the European country’s economy closer to a full-scale financial crisis.

Analysts say that Italy suffers the same economic instability as do other crisis-hit EU members such as Greece, Portugal and Spain. Tremonti is expected to meet Jean-Claude Juncker, the chairman of the Eurogroup meetings of Eurozone nations, on Wednesday to discuss the issue further.

Press TV