ROME (AFP) - The IMF could bail out Italy with up to 600 billion euros ($794 billion), an Italian newspaper reported on Sunday, as Prime Minister Mario Monti came under pressure to speed up anti-crisis measures. The money would give Monti a window of 12 to 18 months to implement urgent budget cuts and growth-boosting reforms by removing the necessity of having to refinance the debt, La Stampa reported, citing IMF officials in Washington. The IMF would guarantee rates of 4.0 percent or 5.0 percent on the loan far better than the borrowing costs on commercial debt markets, where the rate on two-year and five-year Italian government bonds has risen above 7.0 percent. The size of the loan would make it difficult for the IMF to use its current resources so different options are being explored, including possible joint action with the European Central Bank in which the IMF would be guarantor. This scenario is because resistance from Berlin to a greater role for the ECB in helping states in difficulty starting with Italy could be overcome if the funds are given out under strict IMF surveillance, the report said. The European Union and the ECB have sent auditors to check Italys public accounts this month and the IMF is set to send experts soon under a special surveillance mechanism agreed at the G20 summit in France earlier this month. Montis predecessor Silvio Berlusconi said at that summit that he had turned down an offer of financial aid in the form of a precautionary credit line from the IMF, although IMF chief Christine Lagarde later denied the claim. IMF intervention is inevitable but not enough, Paolo Guerrieri, economist at the College of Europe in Bruges, was quoted by La Stampa as saying. There is a grave risk of a liquidity crisis soon in the entire eurozone, including both sovereign states and banks, Guerrieri said. Italy and Spain need the necessary time to carry out reforms, he added. Italys 1.9-trillion euro ($2.5-trillion) public debt and low growth rate have spooked the markets in recent weeks, prompting concern that it could have to seek a bailout like fellow eurozone members Greece, Ireland and Portugal. Monti, an economics professor and former top EU commissioner who was installed on November 16 after a wave of market panic ousted Berlusconi, is under intense pressure to move quickly to implement long-delayed reforms. Italian news reports said that a package of budget measures, which would still have to go before parliament for final approval, would be approved at a cabinet meeting on December 5 ahead of an EU summit on December 9. The reports said the measures could include the re-introduction of a tax on first home buyers, as well as a one-off tax on property worth over a million euros, a reform to increase the pension age and infrastructure projects. The EUs Economic Affairs Commissioner Olli Rehn during a visit to Rome on Friday called for an ambitious timetable for reforms, warning that Italys high borrowing costs risked impacting the countrys economic growth prospects.