Italy to Cut EU1.1 Billion of Spending to Meet Deficit Target
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Italian Prime Minister Enrico Letta’s cabinet approved 1.1 billion euros ($1.5 billion) of spending cuts and plans to sell real estate to meet deficit targets.
The divestitures and cuts will be spread across various ministries and bring Italy’s deficit to within 3 percent of gross domestic product this year, Finance Minister Fabrizio Saccomanni told reporters yesterday. The government will raise 500 million euros selling property to Cassa Depositi e Prestiti SpA or other state-owned companies, he said.