Lagarde: Italy's reform key to reducing eurozone crisisNovember 12, 2011 - 10:13 AMT PanARMENIAN.Net - The chief of the International Monetary Fund said Saturday, November 12, that Italy's financial reform is key to reducing the impact of the eurozone crisis, and that no country is immune to the consequences if the efforts fall short. According to AP, after meeting in Tokyo with top Japanese financial officials, including Finance Minister Jun Azumi, IMF chief Christine Lagarde said Italy must restore political stability and implement financial reforms to provide "clarity and credibility" and restore confidence. Italy needs "steady, solid and sustained implementation of measures," she said at a news conference. The eurozone financial crisis, set off two years ago by Greece's overwhelming debt, has now engulfed Italy, which has the third-largest economy among the 17 nations that share the euro currency. The crisis has toppled Prime Minister Silvio Berlusconi, who says he will step down once reforms are passed to help Italy control its own staggering debt. Lagarde expressed concerns about the possible consequences outside the eurozone, particularly in Asia. She urged Japan to use caution against the impact of the eurozone crisis. "I insisted with Minister Azumi that no country can be immune under the present circumstances, no matter how developed or how emerging or how far away it is," Lagarde said. "Japan is no more immune than other countries." A major exporter, Japan "would be exposed if some of its large clients are in serious difficulty," she said. Europe has bailed out Greece, Portugal and Ireland. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Pashinyan’s spokesperson denies intention to visit Baku for COP29 Pashinyan’s agenda doesn’t include a trip to Baku for the COP29 conference, his press secretary Nazeli Baghdasaryan has said. Russia accuses West of preparing invasion of CSTO countries NATO is preparing an invasion of the CSTO countries, the number of provocations in the air is growing, Sergei Shoigu has said. Lithuania sending €100,000 to help Armenia fight floods consequences Armenian Prime Minister Nikol Pashinyan took to social media to thank his Lithuanian counterpart for the contribution. Armenia: Rescue workers restore pedestrian bridge for flood-hit community Rescue workers on Wednesday, June 5 restored a pedestrian bridge in the town of Alaverdi in Armenia’s north. |