Italy expects economic attack similar to Turkey

Italy's Prime Ministry Undersecretary Giancarlo Giorgetti said his country could face an economic attack similar to Turkey.

In an interview to local newspaper Libero on Sunday, he said they were expecting a similar crisis by the end of August or beginning of September as market assaults were affected by small summer trading volumes.

"The markets are populated by hungry speculative funds that choose their prey and pounce," he said.

"In the summer the market volumes are small, you can lay the groundwork for aggressive initiatives against countries. Look at Turkey," he added.

Giorgetti said that in case of such an attack Italy has "the resources to react, thanks in part to its large amount of private savings".

Italian Foreign Minister Enzo Moavero Milanesi sent a message of solidarity to Turkey in an interview with Il Foglio newspaper on Saturday.

Milanesi said that what happens in Turkey also concerns Europe, stating that the Turkish lira showed how important it was for Italy to have euro as currency.

"What is happening in Turkey should be carefully considered by those who continue to have doubts over whether a currency like the euro is a positive thing or not," he said.