Italy economy minister says will respect budget limits
ROME, March 28
ROME, March 28 (Reuters) - Italy will be able to emerge from European Union excessive deficit procedures and will ensure its budget deficits remain within EU limits despite a worsening recession, Economy Minister Vittorio Grilli said on Thursday.
Italy last week sharply lifted its fiscal deficit targets for this year and next, due to the recession and planned measures to inject liquidity into the economy.
It now sees the deficit at 2.9 percent of gross domestic product in 2013, just under the EU's 3 percent ceiling but Grilli said that it would remain within the limit.
"The government maintains that even with this worsening Italy can exit the [excessive deficit] procedure," Grilli told a parliamentary hearing, adding that spending would be monitored to ensure the deficit would not exceed 3 percent of GDP.
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