Italy Needs 9 Billion Euros for Deficit Goal, Official Says
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Italy may need at least 9 billion euros ($12 billion) in additional budget measures in 2013 to meet its deficit targets as the worsening recession hurts tax revenue and fuels unemployment costs, a Finance Ministry official said.
Italy will need to find 8 billion euros to finance jobless schemes and faces a 6 billion-euro revenue shortfall from value-added and gambling taxes, Finance Undersecretary Gianfranco Polillo said in an interview in Rome. That will be partly offset by a bigger-than-expected take from a new property tax and falling debt financing costs that will add 5 billion euros in resources.