Italy's economic plans praised by IMF

Those moving to Italy face a much more stable economic situation than could have been the case if its authorities hadn’t reacted in the way they did.
That’s the view of Reza Moghadam, director of the International Monetary Fund’s (IMF) European department, who has praised the European nation for the way it has instilled its financial reforms.
He added that government forecasts can be met if the country continues the way it is going, adding that Italy should have the highest primary surplus in the eurozone by 2013.
According to the Financial Times, Mr Moghadam said: “The policies put in place have created a certain degree of stability, they were ambitious and wide-ranging…[lifting Italy] from the brink.
“Progress of the last months is a model to look at even at European level.”
Mr Moghadam was speaking after the IMF’s annual assessment of the country’s economy.
The fund still confirmed its projection of a 1.9 per cent contraction of the Italian economy, which is the third largest of the eurozone, in 2012.