Monti Says Euro Area Sovereign Debt Crisis Is Almost Over

Italian Prime Minister Mario Monti
Mario Monti, Italy's prime minister. Photographer: Kamoshida Koichi/Bloomberg

Italian Prime Minister Mario Monti said the euro area crisis is “almost over” and that his nation has helped to stop a worsening of the situation.

Europe had initially been slow to respond, Monti said in a speech in Tokyo today.

Greece must step up efforts to tighten its budget and overhaul the nation’s economy to prevent a second bailout from collapsing, European officials said yesterday.

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