Identifier
Created
Classification
Origin
09ROME387
2009-04-03 15:42:00
CONFIDENTIAL
Embassy Rome
Cable title:
DEMARCHE REPLY: ITALY WILL LET OTHERS LEAD ON CEE
how-toVZCZCXRO9173 RR RUEHAG RUEHROV RUEHSR DE RUEHRO #0387 0931542 ZNY CCCCC ZZH R 031542Z APR 09 FM AMEMBASSY ROME TO RUEHC/SECSTATE WASHDC 1874 RUEATRS/DEPT OF TREASURY WASHDC INFO RUCNMEM/EU MEMBER STATES COLLECTIVE
C O N F I D E N T I A L ROME 000387
SIPDIS
E.O. 12958: DECL: 04/03/2014
TAGS: ECIN ECON EFIN IT
SUBJECT: DEMARCHE REPLY: ITALY WILL LET OTHERS LEAD ON CEE
ECONOMIC TROUBLES
REF: STATE 23758
Classified By: ECON MINCOUNS TOM DELARE FOR REASONS 1.4(B) AND (D)
C O N F I D E N T I A L ROME 000387
SIPDIS
E.O. 12958: DECL: 04/03/2014
TAGS: ECIN ECON EFIN IT
SUBJECT: DEMARCHE REPLY: ITALY WILL LET OTHERS LEAD ON CEE
ECONOMIC TROUBLES
REF: STATE 23758
Classified By: ECON MINCOUNS TOM DELARE FOR REASONS 1.4(B) AND (D)
1. (U) Econoff on April 3 discussed ref demarche and
presented talking points to Francesco Galietti, a senior
advisor to Minister of Finance and Economics Giulio Tremonti.
Galietti was familiar with EU-wide efforts to conceive
various measures to assist ailing economies in central and
eastern Europe. He said Italy favored boosting the
Solidarity Fund, over French objections and that Germany and
Austria were in front on the issue, the former because it
needs a strong (in all ways) buffer betwen it and Russia, and
the latter because it has invested in that region much more
than any other EU country. Galietti thinks the IMF is
unlikely to provide more than life-support for the more
deeply troubled economies, such as the Baltics, even with the
newly announced influx of funds. The ITALIAN MOF and Central
Bank are keeping close watch on ITALIAN banks' portfolios in
the area. Post will probably have an opportunity to raise
these points with more senior Treasury officials in the week
ahead.
DIBBLE
SIPDIS
E.O. 12958: DECL: 04/03/2014
TAGS: ECIN ECON EFIN IT
SUBJECT: DEMARCHE REPLY: ITALY WILL LET OTHERS LEAD ON CEE
ECONOMIC TROUBLES
REF: STATE 23758
Classified By: ECON MINCOUNS TOM DELARE FOR REASONS 1.4(B) AND (D)
1. (U) Econoff on April 3 discussed ref demarche and
presented talking points to Francesco Galietti, a senior
advisor to Minister of Finance and Economics Giulio Tremonti.
Galietti was familiar with EU-wide efforts to conceive
various measures to assist ailing economies in central and
eastern Europe. He said Italy favored boosting the
Solidarity Fund, over French objections and that Germany and
Austria were in front on the issue, the former because it
needs a strong (in all ways) buffer betwen it and Russia, and
the latter because it has invested in that region much more
than any other EU country. Galietti thinks the IMF is
unlikely to provide more than life-support for the more
deeply troubled economies, such as the Baltics, even with the
newly announced influx of funds. The ITALIAN MOF and Central
Bank are keeping close watch on ITALIAN banks' portfolios in
the area. Post will probably have an opportunity to raise
these points with more senior Treasury officials in the week
ahead.
DIBBLE