Budget law to include debt-reduction measures, says Letta

(ANSA) – Rome, October 11 – Premier Enrico Letta said Friday that the government’s budget law for 2014 will feature measures to cut Italy’s huge public debt. The country’s debt of over two trillion euros, which is forecast to reach 132.9% of GDP this year, is the main reason Italy was among the countries dragged into the eurozone debt crisis. Letta said during a series of meeting on Friday that the law will also focus on cutting labour taxes and boosting investment and jobs, while keeping the deficit-to-GDP ratio under the 3% threshold allowed by the European Union.

The cabinet is expected to approve the budget law on Tuesday and it will then be scrutinised by parliament.