Brussels

Cut call to keep budget under 3% 'speculation' says EC

Rehn quashes media reports

Cut call to keep budget under 3% 'speculation' says EC

Brussels, July 11 - The European Commission on Thursday dismissed as speculation reports that it might ask Italy for fresh cuts if the budget tops the EU-mandated 3% ratio of GDP. Such reports "are pure speculation" said the spokesman for European Economic and Financial Commissioner Olli Rehn. The government's plans to slash a property tax and halt a VAT hike have led to forecasts the budget might edge above 3%.

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