EU not ready to give Italy more time to cut its deficit says Padoa-Schioppa
Italian economy minister Tommaso Padoa-Schioppa said the European Union is not ready to concede more time to Italy to reduce its public deficit. In a parliamentary hearing, the minister said he found 'closed doors at Brussels' to any possibility of postponing beyond end-2007 the deadline to cutting Italy's deficit to below 3.0 pct of GDP. He added that he considers as 'fundamental' the government's efforts to tackle tax evasion.
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