ECONOMY

No risk of contagion from Greek vote, Italy’s FinMin says

Italian Economy Minister Pier Carlo Padoan said on Thursday that possible fallout from Greece’s political showdown would not trigger a eurozone debt crisis like the one that pushed Italy close to default three years ago.

“Greece in 2015 is not the same as it was in 2010-2011,» Padoan said at a conference in Rome. «There is absolutely no risk of contagion for us.”

The Greek parliament held a first round of voting on Wednesday, failing to elect a new president. There will be two further rounds of voting, ending on Dec. 29, which could lead to a snap election if parliament cannot elect a new president.

Polls suggest the election would be won by the leftist Syriza party, which promises to renegotiate the international bailout accord Greece still needs to keep its finances afloat.

[Reuters]