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EU Commission to warn Italy on Wed over rising debt
The European Commission will warn Italy on Wednesday it could face EU disciplinary action for not reducing its huge public debt as required by EU laws, unless Rome delivers on deficit cutting measures as promised, an EU official said. The warning comes after the latest round of Commission economic forecasts for the 28-nation bloc, which showed Italy's public debt would rise to an all-time high of 133.3 percent of gross domestic product this year from 132.8 percent in 2016. EU rules say Italy should instead reduce its debt by about 3.6 percent of GDP annually. The warning on Wednesday is to put more pressure on Rome ... (full story)