June 19, 2019 / 3:40 PM / 5 months ago

Italy government to meet Wednesday to discuss response to EU on debt: PM

FILE PHOTO: Italy's Prime Minister Giuseppe Conte awaits to welcome participants as they arrive to attend the first day of the international conference on Libya in Palermo, Italy, November 12, 2018. REUTERS/Guglielmo Mangiapane//File Photo

ROME (Reuters) - The Italian cabinet will meet later on Wednesday to discuss how to respond to European Union objections over its public finances, Prime Minister Giuseppe Conte said.

The EU Commission, concerned about Rome’s rising debt, has threatened Italy with a procedure that would entail closer oversight of its fiscal policy and could eventually lead to fines.

“This evening we will have an interesting cabinet meeting, with a technical document to respond to Europe,” Conte told the upper house Senate, adding that this would update the government’s forecasts regarding this year’s finances.

The document is expected to formally reduce the budget deficit target to 2.2% or lower, from a current forecast of 2.4%. The cabinet is also expected to discuss the text of a letter Conte has said he will send to Brussels.

Reporting by Giuseppe Fonte; Writing by Gavin Jones; Editing by Crispian Balmer

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