Rome

Letta hails win for Italy on jobs and EIB at EU summit

Italy's share 'nearly tripled' to 1.5 billion euros

Letta hails win for Italy on jobs and EIB at EU summit

Rome, June 28 - Italian Premier Enrico Letta hailed a victory for Italy at a European Union summit Friday where a deal was struck on an important new job-creation fund for young people. "We have won (the issues) of youth unemployment and fairness from the European Investment Bank (EIB)," said Letta. "Youth unemployment has been the principal national commitment (of this government)". The deal was cleared after Britain and France settled their differences over a perceived cut to the UK's totemic budget rebate. EU leaders agreed to lay out six billion euros, rising to eight in 2015, for rampant youth unemployment affecting well over half young Greeks and Spaniards and more than 40% in Italy. Letta reported that another three billion euros had been earmarked for future use in the EU. Italy, he added, had managed to "nearly triple our share" from the EU, bringing the sum up to almost 1.5 billion euros. "It's a huge result," added Letta. A pre-summit financial ministers' meeting (ECOFIN) forged a deal to help struggling banks, seen as a platform for a future banking union to help backstop the euro, while the summit itself OK'd a plan to revive EU businesses as part of the bloc's new seven-year budget of almost one trillion euros. Letta said that, despite the last-minute Franco-British tussle, "We've all come out of this well".

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