Rome

Italy will contribute 14.33 billion to ESM by 2014

Grilli says not worried mechanism won't be ready by August

Italy will contribute 14.33 billion to ESM by 2014

(ANSA) - Rome, July 18 - Italy will contribute 14.33 billion euros to the capital of the new European Stability Mechanism (ESM) by 2014, Economy Minister Vittorio Grilli told the House on Wednesday. European leaders decided at a crunch summit on the eurozone crisis in June that it will be possible for the ESM to be used to support the bonds of countries facing soaring borrowing costs to create a so-called anti-spread shield. Italian Premier Mario Monti has said Italy does not need such support at the moment, following recent pressure on the nation's bonds on the money markets, but refused to rule this out in the future. Grilli said he was not worried by the fact that the EMS will not be up and running by August.

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