Domenica, 21 Ottobre 2018

Excessive-deficit procedure for Italy could end Wednesday


Rome, May 28 - Economy Minister Fabrizio
Saccomanni said on Tuesday following meetings in Brussels with
the European Commission that the excessive-deficit procedure
against Italy could end as "early as tomorrow".
That is expected to free up eight billion euros of public
money in Italy, funds which would otherwise have been applied to
reducing the debt as a percentage of GDP.
A conclusion to the excessive-deficit procedure will
be felt in next year's budget, Saccomanni said.
States that are under an excessive deficit procedure and
have a debt-GDP ratio of over 60% are obliged to bring that
ratio down by 5% a year. Italy's debt-GDP ratio is around 130%.
Premier Enrico Letta stressed on Monday that the end of the
procedure does not mean the government has this cash available
immediately to use for a number of pressing problems faced by
his left-right administration.

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