EU, Italy alert on debt. Renzi excludes maneuver – ANSA.it

BRUSSELS – Debt Alert for Italy. But the prime minister Matteo Renzi reassures excluding any risk maneuver. It reiterates that the Italian public finances “are not safe, but at the extra-safe.” “Since we are there, if there is ‘a maneuver – adds leaving Brussels – and’ Gone are the days of politicians who raise taxes. If there is a will ‘maneuver to reduce taxes. There’ s nothing to be afraid of. ” Words on the day when the Eurogroup, as set out by, back to discuss the situation of the public finances of the countries most at risk of not respecting the rules, including Italy.

It comes a new ‘booster’, similar in tone to that contained in the opinion in November on stability law, but updated to the current situation: from November, writes the Eurogroup, “measures have been taken to increase the deficit, and there is a risk of a significant deviation by adjustment “. A deviation that “remains even if it were granted the maximum of flexibility potential.” Not only. Italy does not respect the rule of debt nor in 2015 nor in 2016.

But Economy Minister Pier Carlo Padoan not alarmed , and stresses how important it is now that the Eurogroup itself recognizes that “the debt has stabilized and begin to fall” in 2016. Although he admits, “there are some adjustments that will be exploited margins.” MEF sources explain that the comparison with the Eurogroup on budgets has been constructive and that the substance of the final declaration there is nothing new. Moreover, “the significant deviation” of the structural deficit, which deteriorates by 0.7% in 2016 instead of better than 0.1%, was already part of the Commission’s findings in November. And even then Brussels asked Italy to take action, during the year, to avoid the detour will lead to a formal warning and the rejection of the requests for flexibility.

Instead, the Eurogroup notes that from November were not taken measures to that effect . And despite recognizing that “the debt / GDP ratio has stabilized in 2015 and begins to fall in 2016, the high debt remains a cause for concern”. So much so that “according to the winter forecast, Italy does not respect the rule of debt in 2015 and 2016″. The Eurogroup concerns, which have also affected Spain, Austria, Portugal, Lithuania, Belgium and Slovenia, should be resumed tomorrow by Ecofin, which also will return to discuss the countries at risk. This while the Commission will give its assessment on macroeconomic imbalances, leaving Italy among the countries with excessive imbalances but do not require corrective actions.

And to Rome and other capitals with accounts under fire, should start as many letters that remind them of their commitments. But it will not be a warning, because Brussels is confident that the Italian Government face a few more steps to reduce debt, and can see themselves smoothed the way to the concession in May all the flexibility required. The Commissioner for Economic Affairs Pierre Moscovici explained that the comparison goes on, and that “Italy knows what to do to be in compliance.” It helps what it calls “new climate, but one thing is the climate is another substance and sometimes it is different.”

For its part Padoan considers that the goal “is to continue on the path that we have taken a long time : on the one hand support job creation through investment and reforms that change in a structural way the potential of our country, the other a responsible management of public finances in order to gradually reduce the debt. “