The European Commission on Friday urged Italy's government to finalise and present a raft of new budget cuts and reforms "as a matter of urgency." Shortly before eurozone finance ministers were to open days of crunch meetings in Brussels, EU Economic Affairs Commissioner Olli Rehn's spokesman Amadeu Altafaj said partners were to "encourage the (Italian) authorities to finalise and present (these) plans as a matter of urgency."
Italy is under intense pressure to implement cuts in public spending, after vacillating on vows made only a few months ago and with several of its banks being downgraded by credit rating agencies. But Brussels is also pressuring Italy to change the way its economy is run, to free up closed professions and open up competition.
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