Italy's government aims to send a revised budget to EU on Wednesday: source

ROME (Reuters) – The Italian ruling coalition aims to send a revised budget to the European Union on Wednesday, on eve of next week’s summit of European Union leaders in Brussels, a government source said on Friday.

The European Commission has rejected Rome’s draft budget, which says the deficit will rise to 2.4 percent of gross domestic product next year from 1.8 percent this year. Brussels says it breaks previous commitments to reduce borrowing and will not lower Italy’s large public debt.

After weeks of confrontational rhetoric, Italian ministers and the Commission have recently softened their tone and said a compromise needs to be found in order to head off a disciplinary procedure that could end in a fine.

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