Official: Italy has no plans to seek ECB help

[September 10, 2012]  MILAN (AP) -- Finance Minister Vittorio Grilli says Italy has no plans to apply for the European Central Bank's bond purchase program.

Grilli said on the sidelines of the annual Ambrosetti Forum on Lake Como on Saturday that Italy `'at this moment absolutely does not need" to request help.

The ECB has pledged to buy unlimited amounts of bonds to help bring down borrowing costs in countries struggling to keep up with high debts. But that plan comes with the caveat that nations who want to apply for the program must first ask for existing bailout funds and submit their economic policies to international scrutiny

After the plan was announced on Thursday, Italian Premier Mario Monti said his country "could need" the help but that the government needed to closely examine the details.

[Associated Press]

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