Italy bank chief: No need now for rescue aid

[August 06, 2012]  ROME (AP) -- Italy's central bank chief says there's no need "at the moment" to request help from European funds to fight soaring borrowing costs.

Ignazio Visco says whether Italy needs to do so in the future depends on whether markets are convinced the country has turned the tide in its financial crisis, stays disciplined on public spending and removes obstacles to growth.

Visco, in an interview in Sunday's La Repubblica daily, predicted 2013 growth would be quite low.

Separately, a top Cabinet official, Antonio Catricala, told Corriere della Sera that Italy would be viewed as "crazy" If it sought help before Spain, because Italian public finances are more solid than those of many other countries.

Catricala urged reducing taxes for families and businesses and improving production with fewer resources.

[Associated Press]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.