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Renzi: EU Saved Greece to Rescue Banks

renziA few days after his meeting with his Greek counterpart Antonis Samaras in Florence, the Italian Prime Minister Matteo Renzi brought Greece’s bailout as an example to denounce the EU power mechanisms.
Greece was bailed out by the European Union because it had borrowed from the major European banks, said Renzi. “Greece was saved so that the interests of the major European banks would be safe” he pointed out during the inauguration of the A35 motorway in northern Italy, according to the German newspaper Frankfurter Allgemeine Zeitung. The newspaper noted that the Italian government has asked for more time from its lenders in order to reduce the country’s deficit.
According to the newspaper, Italy, which should have presented a balanced budget in 2013, managed to postpone this obligation for 2015 and now Renzi has requested a further extension until 2016. It was also noted that Renzi has claimed several times that Germany was the only European country that exceeded the deficit limit of 3% in 2003, ensuring a privilege for itself not allowed to other countries.
Finally, the German newspaper said that Renzi has suggested that his country was more compliant in the past concerning negotiations for the creation of the Monetary Union.

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