European Central Bank governing council member Christian Noyer said Italy doesn’t need to turn to external assistance to support its public finances.
“Italy basically has the potential to do it by itself,” Noyer said when asked to comment on reports today that the International Monetary Fund was preparing a loan to the country.
“The objective situation of Italy is not that bad when you consider that for instance this country has a primary surplus, which is very seldom among advanced economies today and Italy has a strong industrial base.”
Noyer also said he didn’t’ believe France would lose its top AAA credit rating. “I see absolutely nothing in the fundamentals of France that would warrant a significant change in the external assement of its economy and the state of its public finances,” he said.