(ANSA) - Davos, January 18 - 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. Italy has said it will reply to the EC's letter
demanding the cut in the next few weeks.
Sorry for Italy but deficit margin (2)
EC wants 0.2% larger budget cut