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deficit target

Italy may cut deficit target in bid to appease European Commission

ROME: Italy’s governing coalition may reduce next year’s budget deficit target to as low as 2 percent of gross domestic product to avoid disciplinary action from Brussels, two government sources said on Monday. The move set off a rally in financial markets but it was unclear if the downward revision would be enough to satisfy the European Commission. The goal in the draft budget is now 2.4 percent of GDP, much higher than the 0.8 percent set by the previous government, prompting European partners to first threaten a…