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Italy's Monti says debt plan necessary: report

SYDNEY (MarketWatch) -- Italian prime minister Mario Monti has warned about the likely consequences of failure to reach a breakthrough on Europe's debt problems at next week's European Union leaders summit, according to a report in the Guardian newspaper out Friday. There would be greater "speculative attacks on individual countries, with harassment of the weaker countries," Monti said, according to the report. A plan to stem debt contagion though the region was an "absolutely necessary" outcome of the meeting, he said, the report stated.