Italy first to face action over growing budget deficit

Italy is the first Member State to face disciplinary action under the European Union's revised Stability and Growth Pact. Amid fears that public borrowing in the eurozone is spiralling out of control, the European Commission hopes that cracking down on Italy's alarming budget deficit will set an example to other Member States.

European Commission: Press Release: IP/05/681 http://europa.eu/rapid/pressReleasesAction.do?reference=IP/05/681&format=HTML&aged=0&language=EN&guiLanguage=en

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