Tremonti Says Italy Isn't Facing `Emergency' Amid Tension in Government

Finance Minister Giulio Tremonti reiterated there will be no further budget cuts before the end of the year, saying Italy wasn’t facing any “emergencies” even after a key government ally called for early elections.

“There’s no autumn emergency: not for the economy, not for the labor market, not for society, not for debt sales,” Tremonti told reporters today in Brussels after a meeting with European Union finance ministers.

He added that none of his EU colleagues expressed any concern about the Italian political situation today. Northern League leader Umberto Bossi, a coalition ally of Prime Minister Silvio Berlusconi, today said early elections are likely after the premier’s party split at the end of July.

To contact the reporter on this story: Lorenzo Totaro in Rome at ltotaro@bloomberg.net

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