Bernanke: Italy better than Greece, no bailout packages will be needed

Despite its recent 'market volatility', Italy has a 'much better fiscal position than Greece'. This is the opinion expressed today by Ben Bernanke, the head of the Federal Reserve, during a hearing in the United States Congress. Bernanke noted that although our country has a high ratio of debt to gross domestic product, it also has "several strengths". On the other hand – he added – in case of problems “Europe would intervene”, also because Italy “is the first line of defense of the Eurozone”. According to the Fed chairman, however, no rescue packages will be needed for the economies of Italy and Spain.