Italy calls for solution to Greek crisis after referendum

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IANS | 07 Jun, 2015
Ahead of a summit of eurozone leaders on Tuesday, Italy called on them to try and keep Greece in the European fold after its voters overwhelmingly rejected creditors' demands for more austerity in a referendum.

"Greece is country that is in very difficult economic straits. Tomorrow's meetings should forge a definitive path to resolve this emergency," Italy's Prime Minister Matteo Renzi wrote on his Facebook page.

"We need politics, not just parameters, values not just numbers," he wrote, claiming Italy would "do its part" in the difficult task of building a "different Europe".

Earlier, Italy's top European Union affairs official Sandro Gozi called for Greece, the European Central Bank, the European Commission and the International Monetary Fund to resume negotiations and compromise to resolve the Greek debt crisis and keep it in the eurozone.

Talks between the two sides had so far been "a dialogue of the deaf" he told Sky Italia television in comments that contrasted with remarks from northern European capitals, which appear to have lost patience with Athens.

Renzi was on Monday due to meet Economy Minister Pier Carlo Padoan to discuss the possible repercussions of Greece's referendum on Sunday, in which 61.3 percent of voters said “No” to the terms of a third bailout.

Italy's with the eurozone's second highest public debt after Greece's is considered one of the countries that could be worst hit by financial market turmoil in the event of Grexit.

Higher interest rates could cost Italy an extra 11 billion euros (USD 12.1 billion) to service its debt -- the most in the eurozone -- should Greece leave the euro, ratings agency Standard & Poor's forecast last week.