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EU's Barroso: Italy asks IMF to monitor reforms

EU's Barroso: Italy asks IMF to monitor reforms (by William L. Watts)

FRANKFURT (MarketWatch) -- European Commission President Jose Manuel Barroso on Friday said Italy asked the International Monetary Fund to monitor its implementation of planned economic reforms in order to shore up market confidence in its ability to meet its fiscal targets. Speaking to reporters on the sidelines of the Group of 20 summit in Cannes, France, Barroso said the move acknowledges "doubts in the market" that have seen Italy's 10-year bond yield push back above 6%. European Council President Herman Van Rompuy said Italy wasn't pressured into taking the action. "We haven't put Italy in a corner," he said. Barroso said the EU continues to support Greece and wants it to remain in the euro zone.