Italy president says firewalls to save euro still insufficient

ROME (Reuters) - Mechanisms in place to guarantee sovereign debt in the euro zone and "save" the single currency are still insufficient, Italian President Giorgio Napolitano said on Monday.

Speaking at a ceremony in Rome, Napolitano said medium-term measures to toughen fiscal discipline taken by European leaders this month must be accompanied by "the immediate defense of financial stability in the euro zone."

He called for a "strengthening of the still insufficient firewalls necessary to defend sovereign debt and save the single currency."

On Sunday Italy's deputy Economy Minister Vittorio Grilli also said European debt bailout mechanisms needed to be reinforced.

(Reporting By Roberto Landucci)