Padoan tells G7 that Italy a 'good example' of reforms

(ANSA) - Drseden, May 29 - Italy is now seen as a "good example" of structural economic reforms that should be implemented, Economy Minister Pier Carlo Padoan said after Friday's G7 finance meeting in Germany.
    Padoan said he told the G7 meetings that Italy will continue in 2016 to reduce taxes on labour, with measures to be outlined in next year's budget.
    It will also continue to promote its Jobs Act labour market reforms.
    Meanwhile, Padoan said that new economic statistics from Istat showing that Italy's first-quarter growth came in at 0.3% were "encouraging".
    Statistics also showed that Italy's production capacity was expanding which will be good for job creation, he said.
    The statistics show that Italy is in "the very advanced stage of convalescence" from recession, he said.
    In terms of the Creek debt crisis, Italy was ready for "any shock...if there are repercussions on the markets". Padoan urged fast action on the negotiations concerning bailout funds and debt repayment.
    Unfortunately, he added, a deal on a new bailout "is not close and time is running out," he said.