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Toniolo, Gianni

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Il Sole 24 Ore - Italy | 30/08/2011

Balance the budget first

Euro bonds are not the way out of the current debt crisis, especially for hard-up countries like Italy, writes the business paper Il Sole 24 Ore: "All the talk about euro bonds threatens to distract us from finding a solution to the current emergency situation. No foreign god is going to step in and save us from this. There is no longer any alternative to the path towards a permanent balancing of the budget. ... This is what we should be thinking about, not euro bonds. ... They are however an important project for the future of Europe. So we should keep proposing them to other countries, but discretely as long as we haven't restored our credibility by cleaning up our own finances. They are not a remedy for this problem which we are not in a position to resolve on our own."

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