January 23, 2013 / 4:16 PM / in 5 years

Italy regained market confidence - IMF chief economist

WASHINGTON, Jan 23 (Reuters) - Fiscal adjustment in Italy has been painful but the country has regained market confidence, a senior International Monetary Fund official said on Wednesday.

“Italy is one of these countries in which there was little choice about the need (for) fiscal consolidation” IMF chief economist Olivier Blanchard told reporters.

“Clearly the economic performance has been painful ... but markets have regained confidence, sovereign spreads have decreased, and we have the largest primary surplus in Europe,” he added.

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