Italian authorities have agreed to tweak their proposed budget to reduce the deficit, thereby avoiding a clash with the European Commission which would have seen sanctions taken out against the Italian state.
The Italian government has agreed to restrict the planned deficit to 2.04% from its proposed level of 2.4%. Whilst the original targeted over-spend was well within the EU convergence limit of 3%, the Italian national debt, the second highest in the EU behind that of Greece is way outside the limit of 60% of GDP at almost 132%. The Commission is concerned that prolonged and substantial deviation from […]
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