January 24, 2019 / 11:35 AM / a year ago

EU deal with Italy in right direction, but debt is too high-Germany deputy finmin

DAVOS, Switzerland, Jan 24 (Reuters) - German Deputy Finance Minister Jorg Kukies said on Thursday that Italy’s recent deal with the European Commission on the country’s financial targets was a step in the right direction.

But he said that debt levels were generally too high. “On Italy, we support the words and analysis of the European Commission. That led to an agreement that has a very substantial impact on the budget. It’s the step in the right direction,” he said.

But he added: “Its debt is generally too high...work still needs to be done substantially.”

Reporting by Alessandra Galloni

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