Brussels

Budget data likely to stop deficit procedure says EC

Commission still needs details from Saccomanni

Budget data likely to stop deficit procedure says EC

Brussels, May 3 - A European Commission forecast that Italy's budget deficit will be under the mandated 3% of GDP this year "facilitates" the closure of a deficit-infraction procedure but the EC still needs to see the details of the new government's deficit-curbing measures, the EC said Friday. Brussels expects Economy Minister Fabrizio Saccomanni to present that plan "in the next few weeks" so the issue can be resolved at a June 27-28 summit. The EC forecast Friday that the 2013 deficit would be 2.9% of GDP, in line with the government's forecast. The 3% deficit-to-GDP ratio is a key part of the EU's stability pact.

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