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Italy promises action
Italy’s economy minister Giulio Tremonti promised yesterday to meet Italy’s budget commitments after the European Central Bank stepped up pressure for action by the struggling centre-right government. Tremonti, under mounting pressure to present a credible plan to fulfill a pledge of balancing the budget by 2013 and cutting Italy’s 1.9 trillion euro debt pile, told a conference in the northern town of Cernobbio that the target would be met. However he admitted that a hastily put-together package of measures presented to parliament in August and now undergoing substantial revision, had been incomplete.