July 29, 2014 / 4:42 PM / in 3 years

Italy post office says needs more funds to keep up comprehensive service

ROME, July 29 (Reuters) - Italy’s post office operator Poste Italiane, which the government has slated for privatisation, said on Tuesday it would need more funding to be able to keep up a comprehensive mail delivery service.

“A comprehensive postal service is not sustainable any more, and a careful review needs to be done of its structure and how to finance it,” Poste Italiane said in a statement.

The post office is one of several state companies put up for privatisation this year as part of a government drive to cut Italy’s debt, which at around 135 percent of gross domestic product is the second-highest in the euro zone after Greece.

Poste Italiane’s management has indicated that the privatisation may be delayed due to technical problems, however, and its chairman said earlier this month it would not take place until after November, effectively delaying any listing until next year.

Reporting by Isla Binnie

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