Italy Rejects More Fiscal Cuts

A deeper-than-expected recession is hurting Italy's public finances but it can still keep the budget deficit below 3 percent of output without more fiscal tightening, Economy Minister Fabrizio Saccomanni said on Thursday.

Saccomanni, a former Bank of Italy official, said in parliament that the economic slump was weighing on tax revenues and in particular sales tax, as consumer spending slumps.

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