EU to assess Italy budget, wishes Renzi well in referendum

By Francesco Guarascio BRUSSELS (Reuters) - The European Commission reserved judgment on Monday on Italian Prime Minister Matteo Renzi's weekend speech setting out only a minimal reduction in his country's budget deficit next year, saying it would wait for formal fiscal documents. The EU executive must rule on whether Rome's plans for 2017 meet euro zone rules, however, before an Italian referendum on Dec. 4 that may determine whether Renzi stays in office. Officials insist the fiscal verdict is unrelated to the campaign, but EU diplomats believe the Commission will do what it can to avoid damaging Renzi.

Continue reading...