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A top European Central Bank official warned Monday against rising debt levels on the continent, where "contagion" from a struggling Italy "remains a possibility".
"In Europe we observe re-emerging debt sustainability concerns, both in the public and private sector," ECB Vice-President Luis de Guindos said in a Frankfurt speech.
With debts of 130 percent of annual economic output (GDP) - more than twice the notional EU limit - and a budget showdown with Brussels, "Italy is the most prominent case," he added.
Investors fear the impact of weak national finances in Rome on the country's banks, which hold large amounts of sovereign debt.
"Although contagion (from Italy to other countries) has been limited so far, it remains a possibility," de Guindos warned.
The recently-installed ECB deputy's warning matches concerns from the International Monetary Fund, which warned last week that interest rates on Italian government debt were at their highest level in four years.
"There is appreciable uncertainty, and contagion from future stress could be notable, especially for economies with weaker macroeconomic fundamentals and limited policy buffers," the Washington-based institution said.
Rome said Friday it would not substantially revise its budget proposal for 2019 after it was asked to redo its homework by the European Commission.

Copyright Agence France-Presse, 2018

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