Italy's president, Giorgio Napolitano, told CNBC the euro zone's third-largest economy is in no danger of going the way of Portugal and Ireland and won't seek a financial bailout.
"We don’t see any danger in this sense," he said. "We already took austerity measures and we will go on in order to arrive in a few years at a zero percent deficit and GDP ratio." That figure is currently at about 120 percent.
He said the Italian economy "is recovering, not without difficulties, and I could say there are ups and downs in this recovery. We know that we have some weaknesses as regards our public debt."
He is more concerned about unemployment, particularly of younger people, which he called a "social, political and human problem."