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10/19/2018, 8:39 AM (Source: TeleTrader)
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Dijsselbloem: Italy's woes mostly hit its own economy

Jeroen Dijsselbloem, former president of the Eurogroup, called on Friday the European Union's criticism of Italy's budget plans "pretty worrisome" and predicted "confrontation." Speaking to CNBC, he brushed off the possibility of a bailout of the third-largest economy in the Eurozone as unmanageable and stated the country "must save itself." In the view of Dijsselbloem, who also used to be the minister of finance in the Netherlands, if Italy's crisis escalates to a major level, the impact will mostly be felt domestically instead of spilling over in the region.

The structure of the economy and the financing mechanisms of Italian banks spell "implosion rather than an explosion," he said and claimed the meltdown in Greece was "very different." Back then was a "different era" and the troubles were threatening to contaminate the whole euro area, said the former chief of the panel of its ministers of finance.

Breaking the News / IT