IMF denies Italy bailout fund plan
The International Monetary Fund (IMF) has denied a report that it is preparing a bailout fund for Italy.
The International Monetary Fund (IMF) has denied a report that it is preparing a bailout fund for Italy.
Italian daily newspaper La Stampa reported that the IMF was preparing a 600 billion euro (£514 billion) bailout fund for the country, which is struggling to manage its enormous public debt of 1.9 trillion euros (£1.6 trillion), which is equivalent to nearly 120% of the country's GDP.
An IMF spokesman said that there are "no discussions with Italian authorities on a programme for IMF financing".
Italy has seen its borrowing costs on its debt rise steeply in recent weeks - with yields on benchmark 10-year bonds topping the 7% mark that has been the prelude to bailouts in other eurozone countries.
Another auction of up to 750 million euros (£642.7 million) is planned later.