Italy’s finance minister has hit back at criticisms from his Greek counterpart, arguing that the country’s debt is sustainable and structural reforms are steaming ahead.
On Sunday, Yanis Varoufakis, the finance minister in Greece’s increasingly controversial government, singled out Italy as needing a few lessons on national debt levels. The Italian government should be aware that the country could be the next possible victim of debt in the euro zone, Varoufakis added, saying its debt was “unsustainable.”
The comments attracted the ire of Italian Finance Minister Pier Carlo Padoan, who said in a tweet Sunday that Italy’s debt was “solid and sustainable” and that Varoufakis’ comments were “out of place.”
Speaking to CNBC Monday, Padoan reiterated that Italy was in a strong position going forward.
“Italy has large debt but this is getting more sustainable getting forward – this is justified by the recent growth estimates from the European Commission and the structural reforms effort will intensify, also the pension system in Italy is among the strongest in Europe.”
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