January 24, 2019 / 12:09 PM / 4 months ago

EU deal with Italy in right direction, but debt is too high: Germany deputy finance minister

FILE PHOTO: The national flags of Italy and Germany and the EU flag are pictured atop the Reichstag building in Berlin, January 11, 2012. REUTERS/Tobias Schwarz

DAVOS, Switzerland (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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