Italian Prime Minister Mario Monti reiterated Wednesday that his government would not seek a bailout from the European Union to finance Italy's debt. "Italy does not need assistance," Monti said during a joint press conference in Rome with German Chancellor Angela Merkel. "Italy's budget deficit in 2012 will be 2 per cent of GDP (gross domestic product) - half of the European average, and next year it will have a surplus in structural terms," the Italian premier said. Merkel praised attempts made by Monti's government to curb state expenditure and relaunch Italy's recession-hit economy. "The structural reforms introduced by the Monti government are excellent," she said.
