Jorg Decressin, senior advisor of the IMF's Research Department, said: "Italy's fiscal deficit presently at four percent compares relatively favorably to that of other advanced economies. Second on our forecast that deficit will fall to around one percent in 2013 and will be substantially lower than that in many other advanced economies."

He believed that the Greek government is fully committed to staying in the EU area. "The government is intent on implementing a strong adjustment program, which we are now in the process of negotiating with them a review. And the European partners of Greece are committed to helping the country for as long as it is helping itself in the context of the program," he said.

Olivier Blanchard, Chief Economist at the IMF, also said: "Our view is that in the current environment, which is an environment in which there is low growth and therefore thelikelihood of increasing non-performing loans. In an environment in which there is… no matter what, there will be uncertainty about sovereign bonds in a number of countries for some time, it is important for banks to be well-capitalized."

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