German Ministry of Finance: No to Italy debt relief

The Spiegelonline website published a report entitled "Solz rules out debt relief for Italy" and subtitled "The new government in Rome expects more help from Brussels to fight the debt crisis. "Federal Finance Minister Olaf Soltz, on the other hand, has hinted that, despite all the solidarity, the focus is on everyone's responsibility."

The Federal Minister Finance Solts advised calm about political developments in Italy. "I am absolutely convinced that Italy will not fail," Solz told ZDF on Thursday night. The new government is facing difficult decisions, he said. But: "I think we can look at things calmly." SPD politician rules out debt relief. "I think one has to understand that such ideas can no longer be followed - so we must not stop because of them."

Soltz does not consider the possibility of Italy going bankrupt or leaving the eurozone. This danger is not realistic, he said, adding that he does not envisage any blackmail of Germany and the EU by Italy. However, debt of 130% of GDP is a challenge for any government.

The SPD politician appeared willing to help the countries affected by the crisis with medium-term loans and thus secure them a so-called budgetary capacity. Decisions on EU reform are likely to be made within the summer, the German Foreign Ministry said. Basically, one needs common principles, which include the responsibility of each "and opportunities for solidarity and teamwork".