Italy Too Big for Firewall to Save, Schaeuble Aide Says
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Italy and Spain would be “too big to be saved” by the euro-area’s financial backstop and debate should focus on the firewall’s quality rather than its size, German Finance Ministry official Ludger Schuknecht said.
Ideas “floating around” to boost Europe’s debt-crisis defenses aren’t “the ideas that the mega-firewall fans might like,” Schuknecht, who heads the department of fiscal policy, international finance and monetary policy in Wolfgang Schaeuble’s ministry, said at a Bloomberg Link Sovereign Debt Conference in Frankfurt today.