Cliff Küle's Notes

IMF Says Italy Faces 'Monumental Challenge'

Article highlights Italy's emerging banking & economic crisis .. the IMF is warning that Italy will likely experience much less growth than anticipated .. "'Italy, long one of Europe's most sluggish economies, will struggle to close the gap with its peers even if recent reforms are fully implemented,' the IMF report said .. 'The authorities thus face a monumental challenge. The recovery needs to be strengthened to reduce high unemployment faster and buffers need to be built, including by repairing strained bank balance sheets and decisively lowering the very high public debt,' the report said .. 'Risks are tilted to the downside,' .. 'If downside risks were to materialize, regional and global spillovers could be significant given Italy's systemic weight.'"

LINK HERE to the article