Crisis: IMF pressures Italy and Spain to keep up reforms

16 July, 18:21

(ANSAmed) - New York, July 16 - The International Monetary Fund's chief economist pressured Italy and Spain to keep up their financial discipline in statements on Monday, and warned at the same time that they can't carry the burden alone.

Olivier Blanchard said Italy and Spain have taken "important steps in the right direction, but they will succeed only if they can finance themselves at reasonable interest rates. As long as the governments are committed to reform, the other members of the euro area should be inclined to help them to make adjustments achievable," Blanchard said. "The countries under pressure must continue public finance reforms, structural reforms and the recapitalization of banks if and when necessary," Blanchard added.

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