European Economic and Financial
Affairs Commissioner Pierre Moscovici said Wednesday "I'm sorry
for Italy and (Economy Minister) Pier Carlo (Padoan) but other
countries have large external surpluses" while Italy does not
have similar budget margins permitting the flexibility it is
asking for.
Moscovici was referring to an EC request to cut the
deficit-to-GDP ratio by a further 0.2% or face infringement
proceedings.
Ahead of a meeting with Padoan at Davos Thursday, Moscovici
said that "I'm optimistic, my discussions with Minister Padoan
are always constructive and frank. It's always a good
opportunity for discussion. There is nothing to be worried
about.
"Italy is not the only case. There are France, Spain and
Portugal".
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