Italian Premier Mario Monti said that the European Union is worried about "contagion" from Spain's debt crisis, Ap reported. Monti, an economist, also says 2012 won't see growth in Italy but predicts it will experience "less recession" than it does now, thanks to his tough recipe of austerity, new taxes and investment aimed at growth. Monti's non-elected government was formed in November with the task of saving Italy from financial disaster. He praised Spain for its labor reforms, but contended Madrid hasn't paid attention to its debt crisis Monti was speaking Saturday to a business forum in Cernobbio, northern Italy.
