POSTED: Thursday, January 12, 2012 - 9:05am
UPDATED: Thursday, January 12, 2012 - 9:06am
NBC News — Italy's new prime minister said thursday that he hoped for swift agreement on a European Union treaty to tighten budget controls. Prime Minister Mario Monti said in an address to the lower house of parliament that he was opposed to introducing stricter budget constraints and additional sanctions.
Italy has debt in excess of 110% of its national output, and its costs are close to unsustainable levels. Unlike Greece, Italy's economy is too large for a bailout.