Italy Faces 20 Billion-Euro Gap, Tremonti Tells Corriere

Italy may post an unexpected budget gap of as much as 20 billion euros ($26.5 billion) by mid-year due to the government’s austerity measures, former Finance Minister Giulio Tremonti told Corriere della Sera.

The implementation of a new property tax and changes to the pension system passed in December will require extra financial resources, Corriere cited Tremonti as saying. The shortfall will also include as much as 8 billion euros to fund other programs such as Italy’s international peacekeeping missions, Tremonti said, according to the Milan-based newspaper.

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