Italy can withstand any market shocks caused by Greece’s financial crisis and its economic recovery won’t be hindered, Italian Finance Minister Pier Carlo Padoan said.
“The Greek situation won’t have any impact on the resumption of economic growth in Italy, which depends on the reforms we are carrying out,” Padoan told reporters on Friday after a Group of Seven nations meeting in Dresden. “Italy is a solid country.”
Italian statistics agency Istat said on Friday that the nation’s economy expanded 0.3 percent in the three months through March as it exits a recession that started more than three years ago. Still, Italian 10-year bond yields have risen to 1.85 percent from lows around 1.13 percent in March on concern that the fallout from the Greek crisis will drag down other euro-area periphery nations.
The process for finding an accord between Greece and its creditors “must accelerate,” though it is going in the right direction, he said.
“We’re still far from an agreement,” he said. “Time is running out.”