Excessive Debt Procedure

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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