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BERLIN (Dow Jones) – Federal Finance Minister Olaf Scholz (SPD) has called on the Italian government to take the necessary measures to counter the country's high debt levels. Highly indebted countries like Italy should be more cautious than others. "I suppose the Italian government will make the necessary decisions so that you do not encounter any problems," said Scholz.
"No one needs an austerity program, everyone is asking for a cautious approach to the possibilities," he said. This is what the European Commission and Rome have discussed and need to deepen. The SPD political leader hopes, however, that the negotiations will lead to a positive result, as the Commission has rejected Italy's budget proposal.
Scholz also commented on the British departure from the European Union (EU) for the benefit of foreign journalists in Berlin. A hard Brexit would be the worst option for the UK as well as for the EU. The German Finance Minister has therefore called on both parties to agree. A tough Brexit would cause major financial disruption, especially in the UK, but no one would be "safe", he warned. The British would have suffered the bulk of the damage, but that would also have consequences for the rest of the EU.
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DJG / DJN / ANK / kla
(END) Dow Jones Newswires
November 12, 2018 12h04 ET (17h04 GMT)
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