Italy Renews Push to Soothe Wary Investors
In Reversal, Berlusconi Vows to Balance Budget; EU Leaders Place Flurry of Calls
Europe's leaders mounted a frantic joint effort Friday to show markets they are tackling the latest fears over the Continent's debt crisis—with Italian Prime Minister Silvio Berlusconi reversing course and making a late-day pledge to balance his country's budget earlier than planned.
Mr. Berlusconi's comments came as Europe's central bank indicated it was open to purchasing government bonds of Italy and Spain as a way to ease mounting market pressure on two of the euro-zone's largest economies, according to people familiar with the matter.
The anxiety is such that many euro-zone leaders have reluctantly canceled or delayed their summer holidays to deal with the crisis.
Mr. Berlusconi and Spanish premier José Luis Rodríguez Zapatero discussed recent developments in debt markets, noting that recent "fluctuations and speculative movements in sovereign-debt markets were incomprehensible," according to Mr. Zapatero's office.
President Barack Obama, meanwhile, spoke separately Friday with French President Nicolas Sarkozy and German Chancellor Angela Merkel.
Market "speculation is now aimed at us," Mr. Berlusconi said during his news conference, adding that Italy and fellow euro-zone nations must take action to block it.
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