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Italy growth ‘around zero’

Italian PM Matteo Renzi said that the country’s economic growth would be about “zero” this year, a sign the eurozone’s third-biggest economy is struggling to climb out of its third recession in six years.

Renzi also signalled that Spending Review Commissioner Carlo Cottarelli would likely be leaving his post soon.

Italy needs to slash €20 billion in spending next year to keep its deficit at or below the EU deficit limit of three per cent of output while making labour-tax cuts and maintaining recent income-tax reductions.

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