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Analysis: Monti takes off gloves in euro zone fight
Barry Moody, Reuters,
8 August 2012
(Reuters) - Italian Prime Minister Mario Monti has taken the gloves off in his fight to save Italy from disaster in the euro zone debt crisis, daring to stand up to European paymaster Germany in a way unthinkable a few months back.
His change of attitude is driven by increasing Italian exasperation with repeated delays in formulating an effective response to a crisis on bond markets that has put Spain and Italy in the front line against an existential threat to the euro and perhaps the whole European Union.
Monti is trying to pressure German Chancellor Angela Merkel into agreeing to a European shield against high borrowing costs that are crippling Madrid and Rome and that he believes threaten the very survival of the euro if they lose access to markets.