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Euro rises, but IMF says no talks with Italian govt
The euro rose on Monday after an Italian newspaper said the International Monetary Fund was preparing an aid package for Italy, but doubts about the feasibility of the reported plan helped limit its gains.
The euro pushed higher on short-covering after an unsourced report in Italian daily La Stampa said up to 600 billion euros could be made available at a rate of between 4-5 percent to give Italy breathing space for 18 months.
In response to media queries on Monday, an IMF spokesperson said there were no discussions with the Italian authorities on a program for IMF financing.
The Italian newspaper report helped soothe market nerves as Italy plans to raise up to 8 billion euros in the bond market on Tuesday. But market players remained skeptical as the amount seemed beyond the IMF's current capacity.
Doubts grew after Dow Jones quoted international financial officials as saying reports of an IMF package for Italy were not credible, which caused the euro to trim some of its gains.
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