Italy shd cut debt - Moscovici (2)

(ANSA) - Luxembourg, June 15 - It is in the "common interest" that Italy's high debt should be "progressively reduced", European Economic and Financial Affairs Commissioner Pierre Moscovici told journalists Thursday. He said Italy was a "great country" and there was "the need, the expectation that it should continue to fully play its part in European institutions and respect its public-finance commitments". Italy's debt at about 132% of GDP is the second highest in the euzone after Greece's. Moscovici said Italy would not be a topic at today's Eurogroup meeting and that the EC would respond "at the opportune moment" to Economy Minister Pier Carlo Padoan's recent letter proposing a budget adjustment of 0.3% next year.