Italy spending cuts to total 32 bln euros by 2016 - minister

ROME Mon Nov 18, 2013 11:32am EST

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ROME Nov 18 (Reuters) - Italian Economy Minster Fabrizio Saccomanni said on Monday that the government's spending-cut plan will save about 32 billion euros ($43.12 billion) by the end of 2016 and the savings will be used to fund investments, and reduce taxes and debt.

"The objective of the spending review is to create savings of 2 percent of gross domestic product in the three-year period ending in 2016," Saccomanni told reporters.