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Monti Says No New Budget Cuts Needed to Balance Budget

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Jan. 8 (Bloomberg) -- The Italian government will not have to carry out an additional package of budget cutting measures to meet its goal of eliminating its deficit in 2013, Prime Minister Mario Monti said.

His government will now focus on producing a package of measures to spur economic growth and competitiveness in Italy to be presented before a meeting of European Union finance chiefs on Jan. 23, Monti said on the “Che Tempo Che Fa” talk show on state-owned RAI television.

Monti said that the plan would seek to “modernize” the country’s labor market to create more employment and opportunities for young people.

The government will work on “many fronts” to spur competion through opening up closed professions, he said. Monti, who leads an unelected government of non-politicians, said he is well positioned to force people to give up some of their priviliges because he has no natural constituency to protect.

To contact the editor responsible for this story: Andrew Davis at abdavis@bloomberg.net

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