Bloomberg News

Tremonti Tells Barroso Italy to Meet Budget Targets Through 2013

October 22, 2011

Oct. 22 (Bloomberg) -- Italy will meet its budget targets through 2013, Italian Finance Minister Giulio Tremonti told European Commission President Jose Barroso in a 20-minute phone conversation today, according to the minister’s spokeperson.

Barroso insisted on the need to keep the country’s public finances under control through 2013 and Tremonti reassured him, saying the government is committed to necessary reforms and “will meet its targets,” Tremonti’s spokeperson told reporters today in Brussels.

Prime Minister Silvio Berlusconi’s government passed a 54 billion-euro package of spending cuts and tax increases in August to convince the European Central Bank to buy Italian bonds after the nation’s borrowing costs surged to euro-era records. The plan aims to balance the budget by 2013.

--Editor: Jones Hayden

To contact the reporter on this story: Chiara Vasarri in Rome at cvasarri@bloomberg.net.

To contact the editors responsible for this story: Angela Cullen at acullen8@bloomberg.net.


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