Prime Minister Giorgia Meloni is paring back her ambitions to bring Italy’s deficit toward the European Union’s 3% limit next year, according to people familiar with the matter.
The shortfall targeted for 2024 may now be as wide as 4.5% because of a weaker economy and the need to keep tax-cut promises to voters, said the people, who declined to be identified because such projections are confidential. The original projection envisaged in April was 3.7%.
With Meloni’s coalition government scheduled to present new budget projections on Wednesday, the numbers showcase the challenge as ministers try to square the circle of generous election promises and strained public finances. While the deficit is still anticipated to narrow, markets are already on edge. The extra yield investors demand to hold Italy’s 10-year bonds over safer German securities has widened almost 30 basis points in the past month alone.
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