January 1, 2012
President Giorgio Napolitano on Saturday called on Italians to make sacrifices to prevent the “financial collapse of Italy”.
“Sacrifices are necessary to ensure the future of young people, it’s our objective and a commitment we cannot avoid,” he said in a New Year’s speech to the nation.
The eurozone’s third largest economy, Italy sparked fears in 2011 that its toxic mix of low growth, high debt and spiralling borrowing costs could force it to seek a bailout like fellow eurozone members Greece, Ireland and Portugal.
“No-one, no social group, can today avoid the commitment to contribute to the clean up of public finances in order to prevent the financial collapse of Italy,” he said.