Venerdì, 21 Settembre 2018

Deficit/GDP ratio improves to 3% in 2012


Rome, April 5 - Italy's debt-to-GDP ratio, an
important parameter in its European Union budget obligations,
fell 0.7% to 3.0% in 2012, exactly the limit set by the EU's
Stability and Growth Pact (SGP), Istat said Friday.
The ratio would have been even lower, 2.9%, without
derivatives swap operations, the statistics agency said.
The outgoing government, led by caretaker Premier Mario
Monti, recently raised its deficit target for 2013 to 2.9% of
gross domestic product - a dramatic increase from its earlier
target of 1.8%.
Monti called European Economic and Monetary Affairs
Commissioner Olli Rehn Wednesday to assure the European
Commission that Italy will honour its budget commitments under
the SGP.
Monti told Rehn that Italy's plan to pay 40 billion
euros of public-sector debt to private firms, to be examined by
cabinet Saturday, will not affect its commitment to keeping its
deficit for this year under the threshold of 3% of GDP.
Rehn asked Monti for "full details" of the debt pay-back
plan, which was to be approved by the cabinet this week.
It will now be approved by Monday at the latest, sources
said, because of the need for further discussions in the wake of
disagreements in parliament.

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