Premier Silvio Berlusconi says debt-ridden Italy has turned down an offer of funding from the International Monetary Fund but has asked the IMF to check that its financial reforms are being carried out.
Berlusconi told a press conference Friday in Cannes, France that Italy appreciated the IMF's funding offer but that "we don't believe this type of intervention is necessary."
Italy did ask the IMF to periodically certify its reforms were being enacted in a bid to reassure markets that Italy was reigning in its high public debt, balancing its budget and carrying out reforms to spur growth.
The G-20 final communique welcomed Italy's decision to "invite the IMF to carry out a public verification of its policy implementation on a quarterly basis."
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