The president of Italian
stock-market regulator CONSOB, Paolo Savona, said Friday that
"it is as if Italy were in 'Socrates' cave', where" a distorted
image of reality is produced.
He added that the "constant shouting in a single direction
stuns. Those in high political, economic and media positions
have the duty to strengthen the light and lower the tones to
reestablish confidence in the future of the country."
Savona stressed that "the power to assess reimbursement
risks" for Italian state bonds "has been transferred to the
market without sufficient anti-speculation measures".
He added that speculation was often "fostered by the
authorities' attitude to use it as an external bond to induce
member states to comply with fiscal parameters agreed at the
European level."
Savona said that "suspicions about the possibility of
insolvency for our public debt are objectively baseless".
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