January 11, 2012
Europe is "playing with fire" and its future is in doubt if it doesn't "get serious," the boss of the Italian car giant Fiat has warned, as ratings agency Fitch put Italy on notice of a credit downgrade.
Sergio Marchionne, chief of Fiat and Chrysler, said the European debt crisis was likely to flatten his business for the next two years. Speaking at the Detroit motor show, Marchionne said he was looking at adding a new partner to his car alliance as Europe's debt woes drag down Fiat's business.
Marchionne said: "We are playing with fire. One of the things we need to realise is that the world is fundamentally interconnected. We have ended up being accountable to a lot of people who financed our public debt.
"Europe is being called to task to solve a number of issues. If we don't acquire the confidence of the financial markets, the future of Europe is doubtful."
His strongly worded warning to Europe's politicians came as Fitch said Italy could see its A+ rating cut by the end of the month, despite new prime minister Mario Monti's insistence that his latest austerity measures would bring the country's finances under control.
More
No comments:
Post a Comment