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Financials

Italy to cut growth forecasts - economy minister tells paper

MILAN, Sept 10 (Reuters) -

* The Italian government will revise down its forecasts for growth and inflation when it presents a new macroeconomic scenario for its budget law, Economy Minister Pier Carlo Padoan told newspaper Il Messaggero on Saturday.

* The government forecasts full year growth of 1.2 percent this year, but most analysts expect a rise of below 1 percent in the gross domestic product after the economy showed no expansion in the second quarter.

* Talking about troubled bank Monte dei Paschi di Siena , whose CEO abruptly stepped down on Thursday, Padoan declined to say whether the bank would put back a badly-needed capital increase to next year.

* “It is up to the bank’s management to decide the right window of opportunity,” for the capital increase, Padoan told the paper.

* When asked about a possible delay in a further privatisation of the Italian post office to 2017, Padoan said it was up to Poste Italiane decide the timing of a planned share sale. (Reporting by Francesca Landini; Editing by Crispian Balmer)

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