Leaked letter reveals ECB austerity demands on Italy

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In a letter leaked in the Italian press on Thursday, Jean-Claude Trichet and Mario Draghi, respectively the outgoing and incoming presidents of the European Central Bank (ECB), in August put pressure on Italy to implement significant austerity measures.

In no uncertain terms, the letter, addressed to prime minister Silvio Berlusconi, demanded "pressing action… to restore the confidence of investors".

After weeks of rumours about the mystery letter Trichet had referred to interviews, the document

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