CONSOB chief calls for calm to restore confidence

'Authorities fostering speculation on BTP'

(ANSA) - Milan, June 14 - 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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