Ruling 5-Star says it “will take months” for Italy to sign off on ESM reform

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ROME (Reuters) – Italy’s ruling 5-Star Movement said on Thursday it would take months before Rome was in a position to sign off on reform of the euro zone bailout fund.

Euro zone leaders were due to sign off on the reform next week, but Italy’s ruling parties are divided on the issue. The 5-Star Movement is against approving it until plans for a wider European banking union become clearer, while the center-left Democratic Party (PD) supports the reform.

“We do not sign until we know the other reforms in detail. It will take months to understand whether the package is in Italy’s favor,” European affairs undersecretary Laurea Agea said in a statement.

Reporting by Giuseppe Fonte, writing by Giselda Vagnoni; Editing by Gareth Jones

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