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Monti: Italy to Have Worse Deficit Than Expected
World | July 4, 2012, Wednesday // 20:32
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Italian Prime Minister Mario Monti (R) with Germany`s Chancellor Angela Merkel during their press conference at Villa Madama in Rome, Italy, 04 July 2012. EPA/BGNES
Italy's 2012 public deficit will be 2.0% of its GDP, Italian Prime Minister Mario Monti said on Wednesday.
The new estimate is considerably worse than the previous estimate of 1.3%.
"Italy will have a deficit of around 2.0 percent this year," Monti said following talks with German Chancellor Angela Merkel, as cited by international media.
The deficit was 3.9% in 2011 and Italy aims to cut it to 0.5% in 2013. Monti said the figure would still be around half the EU average.
The official data agency Istat said earlier that Italy's deficit numbers were up because of increased debt interest payments due to higher borrowing costs on the markets and because of lower tax revenues due to the recession.
Monti also said that Italy would return next year to a primary surplus, when revenue and spending are set against each other before debt interest payments.
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