Excessive Debt Procedure

on Tuesday, June 21, 2005

According to the Corriere della Sera, one of the major Italian newspapers, the EU has started an excessive debt procedure for Italy. The deficit - GDP ratio in 2003 and 2004 was at 3.2%, exceeding the 3% threshold set at Maastricht. Shortfalls are expected to reach 3.6% in 2005, and 4.6% in 2006.

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