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Italy's Monti sees eurobonds 'not in too long'

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May 24, 2012 11:35 AM EST | AP

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MILAN — Italian Premier Mario Monti says so-called eurobonds, debt issued jointly by countries in the eurozone, should be considered soon to help the region overcome its financial crisis.

Monti told a news conference in Rome on Thursday that Italy sees eurobonds as a means of preparing the ground for investments that promote growth.

The issue of eurobonds has been contentious. They would lower borrowing rates for countries with weaker finances, but would also raise them for stronger economies. French President Francois Hollande is pushing for them while Germany has rejected them.

Monti indicated that eurobonds should be considered `'when the time is right, but not in too long."

The Italian economy has been stagnant for a decade and is expected to contract 1.2 percent this year according the government.