Economics
Italian Banks Reel But Monti Has No Regrets for Avoiding Bailout
- Then-premier says bailout would have worsened debt crunch
- Contrast with Spain, which rebounded following bank aid
Did Monti do the Right Thing by Avoiding a Bailout?
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The future of the euro zone was hanging in the balance but there was still time for a soccer game.
On a June evening in 2012, German Chancellor Angela Merkel, European Central Bank President Mario Draghi, and then-Italian Premier Mario Monti used a break from their all-night talks to watch Italy take on Germany. Monti’s Azzurri won that encounter but lost the tournament championship three days later -- to Spain.