Italy to meet balanced budget goal in 2013

Economic minister tells EU Parliament of 3% GDP surplus

Italy to meet balanced budget goal in 2013

Brussels, January 21 - Italian Economic Minister Vittorio Grilli told the European Union Parliament on Monday that Italy would have a balanced budget in 2013. Italy will have "a balanced budget beginning this year, with a 3% of GDP surplus, which will rise to 5% by 2015," Grilli reported. Italy must balance its budget to meet its obligations under the Fiscal Compact signed by European partner countries last March to help shore up the common currency. "There will be no (new austerity) measure because the objective is adjusted for the (economic) cycle, and thus, when one has a balanced budget in structural terms, it is not necessary to weigh down the economy with other (austerity) measures," Grilli added.

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