Italian Finance Minister Giulio Tremonti said Italy’s budget shortfall is likely to be lower than government targets in 2011 and 2012 because its program of spending cuts have been speeded up, the Wall Street Journal reported, citing an interview.
Italy has “frontloaded both spending cuts and tax revenue boosters into the first two years of the adjustment plan and as a result out budget deficit will be even lower than our targets,” Tremonti said, according to the WSJ.
As a result of the acceleration of the government’s fiscal program, Italy’s deficit-to GDP ratio will trend lower than expected, the WSJ said, citing Tremonti.
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