Brussels

EC welcomes debt payback scheme

'Won't affect end to excessive-deficit procedure' says Rehn

EC welcomes debt payback scheme

Brussels, April 8 - The European Commission on Friday welcomed Italy's 40-billion-euro payback of public-sector debts to business over the next 12 months. Economic and Financial Commissioner Olli Rehn said the payment should not affect the EC stopping proceedings against Italy for excessive deficits. The impact of the decree on Italian accounts will be "taken into consideration" in drafting Italy's next economic forecasts in May, he added.

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