Italy confident of Greece's austerity measures: FM

Italy has "full confidence" in Greece' s bid to achieve the result of austerity needed to satisfy international lenders and the financial markets, Italian Foreign Minister Franco Frattini said Tuesday.

During a meeting with his Greek counterpart Dimitris Droutsas in Rome, Frattini said Italy was ready to help stabilize the Greek economy and do all it could to assist economic recovery in its Mediterranean neighbor.

Droutsas said the Greek government's determination to enact a three-year plan for economic reforms was approved Monday.

Droustas also stressed the full commitment of Greek Prime Minister G. Papandreu and of the Greek government to pursue and implement the three-year (2012-2015) plan of reforms aimed at the stabilization of the Greek economy.

Frattini also expressed Italy's willingness to cooperate for the success of Greece's stabilization and recovery plans.

The two ministers discussed at length how to further develop their bilateral economic relations in specific areas such as energy and telecommunications as well as the participation of Italian companies in the Greek privatization program.

According to a statement issued by the Italian Foreign Ministry, Italy and Greece are committed to continue their cooperation on strategic energy projects, such as ITGI and South Stream.

The two ministers agreed to further consolidate the cooperation between the two governments on immigration, with the aim to strengthen the effectiveness of European policy in view of the next European Council.

Frattini and Droutsas also discussed in depth the Libyan crisis and its prospects, the statement said

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