Italy Faces ‘Difficult’ Moment, Recession Likely, Passera Says

Italy is experiencing a “difficult” moment and a recession is likely, Development Minister Corrado Passera said.

The country can still regain credibility and “positively surprise” the world, said Passera, a former chief executive officer of Intesa Sanpaolo SpA, Italy’s second-largest bank.

He declined to offer details of budget measures that will be presented by Prime Minister Mario Monti on Dec. 5. Passera made his comments in a speech in Rome today.

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