In the midst of an economic and financial storm, a reassuring breeze blows from Brussels. No plans are being studied to save Italy, Spain or Cyprus: this was the message launched in the early afternoon by the European Commission. The spokeswoman for the Commissioner for the Internal Market, Chantal Hugues, has no doubts: "Certainly there is no question of a bailout on the table, it is not an issue that is being discussed". So you answered during a press conference on the crisis affecting the peripheral countries of the Eurozone.
“What is important – he added – is that the authorities take the necessary measures in terms of fiscal consolidation. And we are confident." Words that seem to mark a new, important furrow between the community authorities and the American rating agencies. Almost as if to mean that the Brussels agenda is not changed according to the downgrade threats of the day. Cyprus' rating has already been cut by Moody's and Standard & Poor's, while Fitch remains on the threat front for the moment. The same intimidating treatment was used a few days ago against Spain by Moody's, which flaunted the possibility of a downgrade. At this point, the eyes of investors (and speculators above all) are focused on Italy.
Finally, Hugues' spokeswoman denied the rumors about a possible exemption for Italy and Spain from paying the aid quota for Greece: the two countries "agreed to pay the aid" by mid-September despite the increase in the cost of credit. However, "a compensation mechanism for the increase in costs" is envisaged. Angel Gurria, secretary general of the OECD, then added that the Italian public finances are "under control" and that our country "is taking the right decisions to reduce the deficit".
