December 18, 2018 / 7:52 PM / a year ago

EU Commission accepts 2019 Italy deficit of 2.04 percent/GDP - government source

ROME (Reuters) - The European Commission has accepted Italy’s proposal to set a budget deficit target of 2.04 percent of gross domestic product (GDP) next year, a government source said on Tuesday.

Italy’s original budget proposal envisaged a deficit equal to 2.4 percent of GDP in 2019, up from 1.8 percent this year — a suggestion that the Commission had dismissed as a flagrant breech of EU fiscal rules.

After weeks of wrangling, an Economy Ministry spokeswoman announced earlier on Tuesday that Rome had struck a deal with the Commission over the budget. However, she declined to give details, saying the accord would be formalised on Wednesday.

Reporting by Giuseppe Fonte; Editing by Crispian Balmer

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