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MILAN (AP) - The CEO of Italian bank Unicredit says Italy doesn't run the risk of default, but needs urgent reforms to promote growth.

CEO Federico Ghizzoni welcomes Silvio Berlusconi's about-face decision to back the government in Parliament confidence votes as a signal of political stability. In remarks to foreign journalists Wednesday, he called political stability `'fundamental" for Italy to take advantage of early signs of an economic turnaround.

He says the government must now focus on reforms like decreasing payroll taxes on workers, making the labor market more flexible and trimming public administration.

Ghizzoni notes that Italy's triple B rating put it at higher risk than other countries, adding `'there's no risk of default, but it's a county that needs to change gears."

The remarks were embargoed for Thursday.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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