Italy Pledges to ‘Intensify Its Reforms’ After S&P Warning

Italy’s Treasury said it will “intensify” structural changes in the economy and push ahead with measures to balance the budget by 2014 after Standard & Poor’s said its debt rating is at risk of a downgrade.

“With regard to the economy, the government has initiated and will intensify its reforms; in regard to the budget, a phase of measures are in advanced preparation in order to balance the budget by 2014,” the Treasury said today in an e-mailed statement from Rome. It also said the measures will be submitted to the Parliament for approval by July.