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'Life good in Italy' says German minister

Schaeuble suggests reforms not so hard on Southern Europe

23 April, 17:04
'Life good in Italy' says German minister (ANSA) - Berlin, April 23 - Despite the continuing crisis in Italy and Europe-wide austerity measures, Italy still enjoys a high standard of living, German Finance Minister Wolfgang Schaeuble said Tuesday.

"In Italy life is still good, which is why we Germans also like to go there on vacation so much," Schaeuble said in an interview with business publication Wirtschaftswoche online.

Referring to a much-publicized, recent study by the European Central Bank which showed that southern European countries are by some measures wealthier than northern European ones, Schaeuble said the study "contradicts a widely held impression according to which the necessary reform process will reduce southern Europe to grave poverty".