Excessive-deficit procedure for Italy could end Wednesday

Economy Minister Saccomanni says results to be felt in 2014

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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