20 Maggio 2012

Interview with Italian Prime Minister Mario Monti

Aired May 20, 2012 - 10:00 ET

This is a rush transcript. this copy may not be in its final form and may be updated.

Welcome.

MARIO MONTI, PRIME MINISTER, ITALY: Pleasure to be here.

ZAKARIA: Let ask you, Prime Minister, first -- we'll talk about Italy, but, first, I got to talk to you about Greece. There is, in a sense, a bank run taking place. Greece is going to be unable to finance itself unless there is some kind of massive help from Europe. Can Greece stay in the euro?

MONTI: I think Greeks want to stay in the euro. Not all Greeks are ready to do whatever is necessary to stay in the euro.

But I think as we approach the 17th of June election date, the feeling in Greece that it's crucial for their country -- I believe also for Europe, but certainly for their country it's crucial to stay in the euro with focused minds and political programs on putting together a collective willingness to do so.

Certainly, Europe cannot, of course, abandon or even substantially undermine and reduce the commitments it asked of Greece in order to help it. I think an equilibrium will be found.

But whatever is achieved on Greece in this very difficult situation will not really allow Europe and the euro-zone to breath unless a more substantive agenda of growth is decided upon in Europe to accompany fiscal consolidation.

ZAKARIA: But, in the short run, without the help from the European Central Bank, it is difficult to see how Greece will be able to meet just its basic day-to-day financing requirements as money leaves the country. Somebody described it as a bank job not a bank run, but slowly money is leaving Greece.

Is there a solution to this?

MONTI: Of course it is the most fundamental mission of the ECB, although it's not mentioned specifically, to see to it that the euro is safe-guarded in its integrity.