The European Commission is not
asking Italy to make an "unrealistic" adjustment to its public
accounts, Economic Affairs Commissioner Pierre Moscovici said
Wednesday, but only a "reasonable" one. He said the EC trusted
Italy would "take on its responsibilities" for fiscal rectitude.
Moscovici also said the Italian bank system was still
"vulnerable" due to its high ratio of non-performing loans
(NPLs). The EC has asked Italy for a further, 0.2% of GDP, cut
in its structural budget for 2017 and the government has been
seeking ways to achieve that goal. It must tell Brussels how it
will do so shortly or face a possible infringement procedure.
photo: Moscovici (L) with Economy Minister Pier Carlo Padoan
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