Italy may be forced to freeze some of its planned public expenditures this year ...
BUCHAREST - Italy may be forced to freeze some of its planned public expenditures this year as the country’s growth is slower than forecast, European Commission Vice President Valdis Dombrovskis said on Saturday.
Brussels had predicted in February a meager 0.2 percent expansion in Italy this year, but Dombrovskis said that growth could turn out to be “even slower” as global and domestic factors had dampened the outlook. Speaking the day after a meeting with Italian Finance Minister Giovanni Tria on the budget, Dombrovskis said in these circumstances Italy would probably be required to freeze 2 billion euros of spending this year in order to respect EU fiscal rules.
The clause was negotiated to make sure Rome remained broadly compliant with EU rules that require countries with large public debts to gradually reduce them. Italy’s debt stands above 130 percent of output, the second highest ratio in the EU after Greece, which went through three bailouts in recent years.
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